Impairment of Fixed Assets Information on three plant assets currently used in operations follows.

Plant Asset	Carrying Value	Recoverable Cost	Fair Value
#201	$320,000	$360,000	$312,000
#202	372,000	336,000	320,000
#203	480,000	320,000	200,000

Required

a. Which plant asset(s), if any, requires an impairment loss to be recognized, and for what amount? Assume that indicators of impairment are present in all cases.

Note: Include a negative sign with a loss.

Plant Asset	Loss
#201
#202
#203

b. Record the entry for the impairment loss (if any). Combine any losses into one journal entry.

	Account	Dr.	Cr.
	Record the impairment loss.

Options for accounts to debit or credit: Cash, Accumulated Depreciation, Building, Cost of Goods Sold, Depreciation Expense, Exploration Expense, Other Equipment, Retained EarningsPrior Period Adjustment, Sales, Gain on Reversal of Impairment Loss, Loss on Impairment, Loss on Disposal, N/A