Computing and Alsessing Plant Asset Impairment

Zeibart Company purchased equipment for $$90,000$ on July $1,2019,$ with an estimated useful life of $10$ years and expected salvage value of $$10,000.$ Straight$-$line depreciation is used. On July $1,2023,$ economic factors cause the fair value of the equipment to decline to $$36,000.$ On this date, Zeibart examines the equipment for impairment and estimates $$50,000$ in future cash inflows related to use of this equipment.

a$.$ Compute the impairment loss, if any. $ $q,$

Enter as a positive number. Enter $$0$ if the equipment would not be considered impaired.

b$.$ Determine the amount of depreciation Zeibart would record for the $12$ months from

July $1,2023$ through June $30,2024.$ $ $q,$

Hint: Assume no change in salvage value.

Round amount to the nearest whole dollar amount

c$.$ Using the financial statement effects template, report the impairment loss, if any, and depreciation for the $12$ months ending June $30,2024.$

$\backslash$table$[[,$Balance Sheet,Income Statement$],[,$Cash,,Noncash,,Contra,,,,Contributed,,Earned,,,,Net$],[,$Asset,$+,$Assets,$=,$Assets,$=,$Liabilities,$+,$Capital,$+,$Capital,Revenues,$-$ Expenses,$=,$Income$],[$Impairment$,,,,,,,,,,,,,$:$\text{'},,],[$Depreciation$,,,,,,,,,,,,,,,]]$