DO NOT GIVE SOLUTION IN IMAGE FORMAT Information on three plant assets currently held for sale follows.Plant Asset Original Cost Accumulated Depreciation Fair Value Selling Costs# 101$11,000$500#10260,0003,000# 10380,0008,000Plant Asset# 101# 102# 103$50,00088,000176,000Requireda. Which plant asset(s), if any, requires an impairment loss to be recognized, and for what amount?• Note: Include a negative sign with a loss.$Loss0(3,000) *0 x$40,00017,60088,000b. Record the journal entry for the impairment loss (if any).AccountRecord the impairment loss.Dr.O O00Cr.0 x0 x

Journal entry is a primary entry that records the financial transactions initially. The transactions…

Answered: Information on three plant assets…

Business

Accounting

Information on three plant assets currently held for sale follows.

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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Question

DO NOT GIVE SOLUTION IN IMAGE FORMAT

Information on three plant assets currently held for sale follows.
Plant Asset Original Cost Accumulated Depreciation Fair Value Selling Costs
# 101
$11,000
$500
#102
60,000
3,000
# 103
80,000
8,000
Plant Asset
# 101
# 102
# 103
$50,000
88,000
176,000
Required
a. Which plant asset(s), if any, requires an impairment loss to be recognized, and for what amount?
• Note: Include a negative sign with a loss.
$
Loss
0
(3,000) *
0 x
$40,000
17,600
88,000
b. Record the journal entry for the impairment loss (if any).
Account
Record the impairment loss.
Dr.
O O
0
0
Cr.
0 x
0 x

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