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Example Carlos Company had machines worth 130,000 dinars on 12/31/2020, accumulated depreciation of 10,000 dinars, and a revaluation surplus balance of 25,000 dinars on machines.

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Example Carlos Company had machines worth 130,000 dinars on 12/31/2020, accumulated depreciation of 10,000 dinars, and a revaluation surplus balance of 25,000 dinars on machines. The impairment loss was 40,000 on this date (31/12/2020). Required: Make necessary journal entries The accounting entry needed to recognize the impairment loss

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