Question
Martinez Corporation owns a patent that has a carrying amount of $315,000. Martinez expects future net cash flows from this patent to total $260,000.
Martinez Corporation owns a patent that has a carrying amount of $315,000. Martinez expects future net cash flows from this patent to total $260,000. The fair value of the patent is $220,000. Prepare Martinez's journal entry to record the loss on impairment (if necessary). Accounts Impair. DR CR
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