Provide your response on space provided below OR solve it on excel spreadsheet and upload your worksheet, Cougar Corp.'s balance sheet includes the following asset: Equipment... $95,000 Less: accumulated depreciation.... $(25,000) Book value (carrying amount) $70,000 After performing its annual review for impairment, Cougar obtains the following data: Asset's value in use........ $58,000 Fair value less disposal costs.. $62,000 Instructions Assuming Cougar uses the rational entity impairment model, Calculate the recoverable amount. a) b) Calculate the impairment loss. Prepare the entry to record the impairment loss. F

Provide your response on space provided below OR solve it on excel spreadsheet and upload your worksheet, Cougar Corp.'s balance sheet includes the following asset