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Presented below is information related to equipment owned by Novak Company at December 31, 2020. Cost $11,250,000 Accumulated depreciation to date 1,250,000 Expected future net

Presented below is information related to equipment owned by Novak Company at December 31, 2020. Cost $11,250,000 Accumulated depreciation to date 1,250,000

Expected future net cash flows 8,750,000 Fair value 6,000,000 Assume that Novak will continue to use this asset in the future.

As of December 31, 2020, the equipment has a remaining useful life of 4 years.

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