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Brief Exercise 12-6 Flounder Corporation owns a patent that has a carrying amount of $380,000. Flounder expects future net cash flows from this patent to

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Brief Exercise 12-6 Flounder Corporation owns a patent that has a carrying amount of $380,000. Flounder expects future net cash flows from this patent to total $300,000. The fair value of the patent is $213,000. Prepare Flounder's journal entry to record the loss on impairment (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter for the amounts.) Account Titles and Explanation Debit Credit Click if you would like to show Work for this questioni Open Show Work

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