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Lackey Painting Company determines that a printing press used in its operations has suffered a permanent impairment in value because of technological changes. An entry
Lackey Painting Company determines that a printing press used in its operations has suffered a permanent impairment in value because of technological changes. An entry to record the impairment should
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recognize an unusual loss for the period.
not be made if the equipment is still being used.
include a credit to the equipment account.
include a credit to the equipment accumulated depreciation account.
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