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Equipment has a book value of $24,000 and a fair value of $22,125. The decline in value meets the two-step impairment test. Prepare the entry

Equipment has a book value of $24,000 and a fair value of $22,125. The decline in value meets the two-step impairment test. Prepare the entry to record this $1,875 impairment. View transaction list Journal entry worksheet

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