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Record any journal entries required to recognize impairment

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Reference no: EM133166841

Question - Recording Entry for Impairment of Intangible Assets - Eastwood Co. is evaluating the following two intangible assets for impairment at year-end.

Intangible Asset

Carrying Value

Future Estimated Net Cash Flows

Fair Value

Patent

$65,000

$50,000

$35,000

Trademark

10,000

No foreseeable limit

12,000

Required - Record any journal entries required to recognize impairment of the intangible assets.

Reference no: EM133166841

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