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Prepare the journal entry to record the impairment loss

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Reference no: EM132441597

Question - Sheffield Company owns equipment that cost $1,053,000 and has accumulated depreciation of $444,600. The expected future net cash flows from the use of the asset are expected to be $585,000. The fair value of the equipment is $468,000.

Requirement: Prepare the journal entry, if any, to record the impairment loss.

Reference no: EM132441597

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