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Brief Exercise 12-6 Cheyenne Corporation owns a patent that has a carrying amount of $330,000. Cheyenne expects future net cash flows from this patent to

Brief Exercise 12-6

Cheyenne Corporation owns a patent that has a carrying amount of $330,000. Cheyenne expects future net cash flows from this patent to total $275,000. The fair value of the patent is $203,000. Prepare Cheyennes journal entry to record the loss on impairment.

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