BE10.8 (LO 2) Jurassic Company owns equipment that cost $900,000 and has accumulated depreciation of $380,000. The expected future net cash flows from the use of the asset are expected to be $550,000. The fair value of the equipment is $400,000. Prepare the journal entry, if any, to record the impairment loss. BE10.9 (LO 2) Use the information in BE10.8. Assume that the expected net cash flows are expected to be $500,000. Prepare the journal entry, if any, to record the impairment loss.

BE10.8 (LO 2) Jurassic Company owns equipment that cost $900,000 and has accumulated depreciation of $380,000. The expected future net cash flows from the use of the asset are expected to be $550,000. The fair value of the equipment is $400,000. Prepare the journal entry, if any, to record the impairment loss. BE10.9 (LO 2) Use the information in BE10.8. Assume that the expected net cash flows are expected to be $500,000. Prepare the journal entry, if any, to record the impairment loss.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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