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Presented below is information related to equipment owned by Suarez Company at December 31, 2014. Cost dollar 12,663,000 Accumulated depreciation to date 1,407,000 Expected future
Presented below is information related to equipment owned by Suarez Company at December 31, 2014. Cost dollar 12,663,000 Accumulated depreciation to date 1,407,000 Expected future net cash flows 9,849,000 Fair value 6,753,600 Assume that Suarez will continue to use this asset in the future. As of December 31, 2014, the equipment has a remaining useful life of 5 years. Prepare the journal entry (if any) to record the impairment of the asset at December 31, 2014. (If no entry is required, select "No entry" for the account titles and enter 0 for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually.) Account Titles and Explanation Credit Dec. 31 SHOW LIST OF ACCOUNTS Prepare the journal entry to record depreciation expense for 2015. (If no entry is required, select "No entry" for the account titles and enter 0 for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually.)
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