kau.3answer must be in table format or i will give down vote Assume that Pearl is a private company that follows ASPE.1.Prepare the journal entry at December 31, 2023, to record asset impairment, if any.2.Prepare the journal entry to record depreciation expense for 2024.3.The equipment's fair value at December 31, 2024, is $7.41 million. Prepare the journal entry, if any, to record theincrease in fair value.(Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "NoEntry" for the account titles and enter O for the amounts. List all debit entries before credit entries.)DateAccount Titles and ExplanationDecember31, 2023DecemberLoss on ImpairmentAccumulated Impairment Losses - EquipmentDepreciation Expense31, 2024DecemberAccumulated Depreciation - Equipment31, 2024Accumulated Impairment Losses - EquipmentRecovery of Loss from ImpairmentDebit1881000Credit1881000

Step 1:1. Journal Entry at December 31, 2023 to record asset impairment, if…

Answered: Assume that Pearl is a private company…

CONCEPTS IN FED.TAX.,2020-W/ACCESS

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Author:Murphy

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Chapter10: Cost Recovery On Property: Depreciation, Depletion, And Amortization

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Problem 37P

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Which of the following companies has a disclosure for which FASB ASC 450 applies, but FASB ASC 275 does not? O Comfort House has a loss contingency at the financial statement date, and it is remotely A. possible that the estimate for this contingency will change by a material amount within the next year. B. The Garden Foundation has an asset on which the depreciation will be recalculated due to the life of the assets being extended. C. The Summer Group has equipment that will be written down. D. The Winter Group has an intangible asset that needs to be written down.
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