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It would be unusual for a company to have an asset impairment in Year 1, but for the sake of this example, ABC determined that
It would be unusual for a company to have an asset impairment in Year 1, but for the sake of this example, ABC determined | |||||||||
that their intangible asset might be impaired on December 31, 2016. Record the impairment adjustment, if any. | |||||||||
The expected future undiscounted net cash flows for this intangible asset totals $48,000, and the fair value of the asset is $45,000. This is all the teacher provided for the problem.
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