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The following information is for a copyright owned by Sheffield Corp., a publicly accountable entity, at December 31, 2023. Sheffield applies IFRS. Assume that Sheffield
The following information is for a copyright owned by Sheffield Corp., a publicly accountable entity, at December 31, 2023. Sheffield applies IFRS. Assume that Sheffield will continue to use this copyright in the future. As at December 31, 2023, the copyright is estimated to have a remaining useful life of 10 years. The copyright's value in use is \\( \\$ 1,865,000 \\) and its selling costs are \\( \\$ 123,000 \\). (a) Prepare the journal entry, if any, to record the asset's impairment at December 31, 2023. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select \"No Entry\" for the account titles and enter O for the amounts. List debit entry before credit entry.) Attempts: 0 of 1 used
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