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A building has a cost of $750,000 and accumulated depreciation of $125,000. The fair value of the building is estimated to be $300,000. The building

A building has a cost of $750,000 and accumulated depreciation of $125,000. The fair value of the building is estimated to be $300,000. The building is expected to generate net cash inflows of $20,000 per year for the next 30 years.

Make the journal entry necessary to record the impairment loss. If no entry is required, select "No entry required" and leave the amount boxes blank. If an amount box does not require an entry, leave it blank.

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