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.

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Determine whether the equipment is impaired.

The fair value is

and the book value is

$,$ Therefore this asset

impaired.