A company performs an impairment test for its equipment. The carrying amount of the equipment is $250,000, its fair value less costs to sell is $225,000, and its value-in-use is $218,750. There will be: 1. $43,750 impairment gain 2. $25,000 impairment loss 3. $25,000 impairment gain 4. $43,750 impairment loss

Patent gives holder exclusive use for a period of: 1. 20 years 2. 15 years 3. 10 years 4. 30 years

KLL Corporation owns machinery that cost $35,000 when purchased Depreciation has been recorded at a rate of $4,200 per year, resulting accumlated depreciation of $14,700 at December 31, 2010.

er machinery is sold on September 1, 2013, for $18,375.

jurnal entries to ate and record depreciation for 2013.