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Current Attempt in Progress Oriole Company owns equipment that cost $ 1 , 0 8 0 , 0 0 0 and has accumulated depreciation of

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Oriole Company owns equipment that cost $1,080,000 and has accumulated depreciation of $456,000. The expected future net cash flows from the use of the asset are expected to be $600,000. The fair value of the equipment is $480,000.
Prepare the journal entry, if any, to record the impairment loss. (If no entry is required, select "No entry" for the account titles and enter 0 for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually. List debit entry before credit entry.)
Account Titles and Explanation
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