The following data relate to the plant assets account of ABC Company at December 31, 2009. Plant Assets Furniture Machinery Building Equipment Original Cost $ 35,000 $ 51,000 $ 80,000 $ 80,000 Year Purchased Jan 1,2008 Jan, 12005 Jan1.2001 Jan, 12007 Useful life 10 years 15,000 hours 15 3 years 10 years Salvage Value 3,100 3,000 5,000 5,000 Depreciation method Sum-of-the- years'-digits Activity Straight-line Double Declining balance Instruction: Calculate the depreciation expenses of the plant assets as at December 31, 2009. The company uses 2,000 hours of machinery in 2009. Ques: 2 Afia Company owns equipment that cost $900,000 and had accumulated depreciation of $380,000. The expected future net cashflows from the use of the asset are expected to be $500,000. The fair value of the equipment is $400,000 Prepare the journal entry, if any, to record the impairment loss