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When an asset becomes impaired how do we record this? A . The asset value is reduced on the balance sheet and the initial cost
When an asset becomes impaired how do we record this? A The asset value is reduced on the balance sheet and the initial cost of the asset is written off as an impairment cost B The asset value is reduced on the balance sheet and the difference between the fair value of the asset and its current book value written off as an impairment cost C The asset value is reduced on the balance sheet and instead recorded as a liability. D None of the above describes the correct accounting procedure for an impaired asset.
When an asset becomes impaired how do we record this?
A The asset value is reduced on the balance sheet and the initial cost of the asset is written off as an impairment cost
B The asset value is reduced on the balance sheet and the difference between the fair value of the asset and its current book value written off as an impairment cost
C The asset value is reduced on the balance sheet and instead recorded as a liability.
D None of the above describes the correct accounting procedure for an impaired asset.
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