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Prepare the journal entries to record impairment in asset

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Reference no: EM133160248

Question - After recording depreciation for the current year, Media Mania Incorporated decided to discontinue using its printing equipment. The equipment had cost $754,000, accumulated depreciation was $559,000, and its fair value (based on estimated future cash flows from selling the equipment) was $54,000.

Required -

1. Determine whether the equipment is impaired.

2. Prepare the journal entries to record the impairment in asset if any.

Reference no: EM133160248

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