Solar Energy Corporation has the following account balances at 12/31/21: At 12/31/21, Lease A is considered to
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Solar Energy Corporation has the following account balances at 12/31/21:
At 12/31/21, Lease A is considered to be 40% impaired. Solar Energy’s estimated abandonment rate of insignificant unproved properties is 60% (i.e., the impairment rate is 60%).
REQUIRED: Prepare entries to record impairment.
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