Presented below is information related to equipment owned by Blue Company at December 31, 2025. $10,980,000 1,220,000 8,540,000 5,856,000 Cost Accumulated depreciation to date Expected future net cash flows Fair value Assume that Blue will continue to use this asset in the future. As of December 31, 2025, the equipment has a remaining useful life of 5 years. Prepare the journal entry (if any) to record the impairment of the asset at December 31, 2025. (If no entry is required, select "No entry for the account titles and enter O for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually. List debit entry before credit entry.) Date Account Titles and Explanation Dec. 31 Depreciation Expense Accumulated Depreciation - Equipment Debit Debit 1171200 Credit List of Accounts Prepare the journal entry to record depreciation expense for 2026. (If no entry is required, select "No entry" for the account title enter o for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually. List debit before credit entry) Account Titles and Explanation Credit 1171200

Presented below is information related to equipment owned by Blue Company at December 31, 2025. $10,980,000 1,220,000 8,540,000 5,856,000 Cost Accumulated depreciation to date Expected future net cash flows Fair value Assume that Blue will continue to use this asset in the future. As of December 31, 2025, the equipment has a remaining useful life of 5 years. Prepare the journal entry (if any) to record the impairment of the asset at December 31, 2025. (If no entry is required, select "No entry for the account titles and enter O for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually. List debit entry before credit entry.) Date Account Titles and Explanation Dec. 31 Depreciation Expense Accumulated Depreciation - Equipment Debit Debit 1171200 Credit List of Accounts Prepare the journal entry to record depreciation expense for 2026. (If no entry is required, select "No entry" for the account title enter o for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually. List debit before credit entry) Account Titles and Explanation Credit 1171200

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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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