After recording depreciation for the current year, Media Mania Incorporated decided to discontinue using its printing equipment. The

equipment had cost $$763,000,$ accumulated depreciation was $$581,000,$ and its fair value $($based on estimated future cash flows from

selling the equipment$)$ was $$60,000.$

Required:

Determine whether the equipment is impaired.

Prepare the journal entries to record the impairment in asset if any.

Complete this question by entering your answers in the tabs below.

Required $1$

Determine whether the equipment is impaired.

The fair value is

and the book value is

Therefore this asset

impaired.

This is a numeric cell, so please

enter numbers only.