Question $4$ of $12-$ Post$-$lecture

impairment of an asset $-$ Goos

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Chapter $10$

Question $4$ of $12$

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Presented below is information related to equipment owned by Oriole Company at December $31,202$

Cost

$$10,800,000$

Accumulated depreciation to date

$1,200,000$

Expected future net cash flows

Fair value

$8,400,000$

$5,760,000$

Assume that Oriole will continue to use this asset in the future. As of December $31,2025,$ the equipmer of $5$ years.

$($a$)$

Your answer is incorrect.

Prepare the journal entry $($if any$)$ to record the impairment of the asset at December $31,2025.($If no en entry" for the account titles and enter $0$ for the amounts. Credit account titles are automatically indented whe indent manually. List debit entry before credit entry.$)$

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