Impairment Loss

On July $1,2018,$ Karen Company purchased equipment for $$325,000$; the estimated useful life was $10$ years and the expected salvage value was $$40,000.$ Straight$-$line depreciation is used. On July $1,2022,$ economic factors cause the market value of the equipment to decrease to $$90,000.$ On this date, Karen evaluates if the equipment is impaired and estimates future cash flows relating to the use and disposal of the equipment to be $$195,000.$

a$.$ Is the equipment impaired at July $1,2022?$

b$.$ If the equipment is impaired at July $1,2022,$ calculate the amount of the impairment loss.

Impairment loss $=$$Acquisition Cost of Long$-$Lived Asset

The following data relate to a firm's purchase of a machine used in the manufacture of its

$\backslash$table$[[$Invoice price,$$34,000$

Computing Accrued Interest

Compute the interest accrued on each of the following notes receivable held by Southland, Inc., on December $31$: $($Use $360$ days for interest calculation. Round to the nearest dollar.$)$

$\backslash$table$[[$Mak$,\backslash$table$[[$Date of$],[$Note$]],$Principal,$\backslash$table$[[$Interest$],[$Rate$]],$Term$],[$Maple$,$November $21,$$$20,000,10\%,120$ days$],[$Wyman$,$December $13,14,000,9\%,90$ days$],[$Nahn$,$December $24,21,000,6\%,60$ days$]]$

$\backslash$table$[[$Maple:$,],[$Wyman:$,x$