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Question 16 (5 points) Balance Corporation assessed its assets and prepared the following schedule at its March 31, 2021 year end. Asset Cost Recoverable Amount
Question 16 (5 points) Balance Corporation assessed its assets and prepared the following schedule at its March 31, 2021 year end. Asset Cost Recoverable Amount Equipment Building Vehicles Warehouse $290,000 580,000 190,000 355,000 Accumulated Depreciation $120,000 295.000 128.000 160,000 $175,000 288,000 50,000 182,000 REQUIRED: Prepare the journal entry to record any impairment losses at March 31, 2021. Assume the company recorded no impairment losses in previous years. Format B U GENERAL JOURNAL DEBIT CREDIT
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