Prepare the journal entry necessary to record

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Reference no: EM13144904

Cost $9,000
Accumulated Depreciation to date $1,000
Expected future net cash flows $7,000
Fair Value $4,400

Prepare the journal entry (if any) to record the impairment of the asset at December 31, 2012.

Prepare the journal entry to record depreciation expense for 2013.

The fair value of the equipment at December 31, 2013, is $5,100. Prepare the journal entry (if any) necessary to record this increase in fair value.

Reference no: EM13144904

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