On December 15 of the current year, Adams Corporation determined that equipment had been impaired so that

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On December 15 of the current year, Adams Corporation determined that equipment had been impaired so that the book value of the equipment was reduced by $46,000. In addition, the senior management of the company communicated an employee severance plan whereby 15 employees could receive a termination benefit of $4,000 per employee. Provide the journal entry for the asset impairment and the restructuring charge.

Corporation
A Corporation is a legal form of business that is separate from its owner. In other words, a corporation is a business or organization formed by a group of people, and its right and liabilities separate from those of the individuals involved. It may...
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Accounting

ISBN: 978-0324401844

22nd Edition

Authors: Carl S. Warren, James M. Reeve, Jonathan E. Duchac

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