Question
Blossom Corporation uses straight-line depreciation, prepares adjusting entries annually, and has a December 31 year end. It purchased equipment on January 1, 2020, for $213,300.
Blossom Corporation uses straight-line depreciation, prepares adjusting entries annually, and has a December 31 year end. It purchased equipment on January 1, 2020, for $213,300. The equipment had an estimated useful life of five years and a residual value of $21,450. On December 31, 2021, the company tests for impairment and determines that the equipments fair value is $108,700. (a) New attempt is in progress. Some of the new entries may impact the last attempt grading. Your answer is incorrect. Assuming annual depreciation has already been recorded at December 31, calculate the equipments carrying amount at December 31, 2021, immediately after recording depreciation for the year. Carrying amount $enter the Carrying amount in dollars
Carrying amount |
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