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On December 31, 2015, Albert Corporation owned a piece of equipment with a carrying amount of $400,000, which the firm wrote down to its $350,000
On December 31, 2015, Albert Corporation owned a piece of equipment with a carrying amount of $400,000, which the firm wrote down to its $350,000 fair value. As of December 31, 2016, Albert determined the equipments fair value had risen to $420,000. Albert has no plans to dispose of the equipment. Given this information, which of the following statements is accurate
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