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Presented below is the information related to equipment owned by the Dextron Compaany on December 31, 2019. Cost $17,000,000 Accum Dep to date 8,000,000
Presented below is the information related to equipment owned by the Dextron Compaany on December 31, 2019. Cost $17,000,000 Accum Dep to date 8,000,000 Expected Net Future Cash Flows 7,500,000 Fair Value 7,000,000 Assume that Dextron will continue to use this asset in the future. As of December 31, 2019, the equipment has a remaining useful life of 5 years. Instructions: Based on the information above, you are answer all parts (show your work in the text field provided label your answers "A, B, C and so on) A) Prepare the journal entry (if any) to record the impairment of the asset as of December 31, 2019 (10 pts). B) Prepare the journal entry to record the depreciation expense for 2020 (10 pts).
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