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What amount should gielgud report as accumulate depreciation

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Problem 1: Gielgud Company determined that due to obsolescence, equipment with original cost of 1,800,000 and accumulated depreciation at December 31, 2020 of 840,000 had suffered impairment and as a result should have a carrying value of only 600,000 at that date. In addition, the remaining useful life of the equipment was reduced from 8 to 3 years. In its December 31, 2021 statement of financial position, what amount should Gielgud report as accumulated depreciation?

Reference no: EM132674931

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