After recording depreciation for the current year. Media Mania Incorporated decided to discontinue using its printing equipment. The equipment had cost $$750,000,$ accumulated depreciation was $$550,000.$ and its fair value $($based on estimated future cash flows from selling the equipment$)$ was $$50,000.$

Requlred:

Determine whether the equipment is impaired.

$2$ Prepare the journal entries to record the impairment in asset if any.

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

Prepare the journal entries to record the impaired asset. $($If no entry is required for a transaction$/$event$,$ select $"$No Journal Entry Required" in the first account field.$)$

Journal entry worksheet

A

B

Record the entry to remove accumulated depreciation.

Note: Enter debies before credits.

$\backslash$table$[[$Transaction$,$General Journal,Debit,Credit$],[1,,,],[,,,],[,,,],[,,,],[,,,],[,,,]]$