Assume a company's equipment carries a book value of $16,000 ($16,500 cost less $500 accumulated depreciation) and
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Assume a company's equipment carries a book value of $16,000 ($16,500 cost less $500 accumulated depreciation) and a fair value of $14,750, and that the $1,250 decline in fair value in comparison to the book value meets the impairment test. Prepare the entry to record this $1,250 impairment.
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Sinmon Warui Kamau
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Related Book For 
Fundamental Accounting Principles
ISBN: 978-1259536359
23rd edition
Authors: John Wild, Ken Shaw, Barbara Chiappett
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