E12-3 (similar to) Question Help Baron's Domino Manufacturing Company learned that one of its cutting machines is obsolete. Although the company will continue to use this machinery in the future, management believes that an impairment write-down is required. The following information relates to the cutting machine Hii (Cick the icon to view the information) 1 Data Table The firm estimates that the machine has a useful le of 10 years and has used for 5 years. It Read the requirements Requirement a. Prepare the journal entry required to record the impairment loss. (Record debil Account Date of impairment Description Cost Accumulated depreciation (up to the date of the impairment test) Total estimated future cash flows Total discounted futuro cash flows Estimated fair value Costs to sell Romaining useful life from the impairment date Cutting Machine 3.210,000 1.285,000 1.229,000 1,078,000 1,056,000 8,500 5 years Score: 0 of 1 pt 1 of 4 (0 complete) HW Score: 0%, 0 E12-3 (similar to) Question Help Baron's Domino Manufacturing Company learned that one of its cutting machines is obsolete. Although the company will continue to use this machinery in the future, management believes that an impairment write down is required. The following information relates to the cuning machine ! ck the icon to view the normation) 1 Requirements - X The fermestimates that the machine has a useful life of 10 years and has used for 5 years. It Requirement a. Prepare the journal entry required to record the impairment loss. (Record de Date of impairment a. Prepare the journal entry required to record the impairment loss b. Assuming that Baron's uses the straight-line method with no residual value prepare the journal entry to record the revised depreciation expense for the first your immediately following the impairment C. Assume that 2 years following the impairment write-down, the fair value of the asset falls to $727.000. The sum of the undiscounted future cash flows is $747.000. What is the carrying value of the asset at this time? Prepare any journal entry necessary to reflect the change in fair value Print Done Choose from any numb