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Sunland Company owns equipment that cost $1,017,000 and has accumulated depreciation of $429,400. The expected future net cash flows from the use of the asset are expected to be $565,000. The fair value of the equipment is $452,000. Prepare the journal entry, if any, to record the impairment loss. (If no entry is required, select "No entry" for the account titles and enter 0 for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually. List debit entry before credit entry.) Account Titles and Explanation Debit Credit

Sunland Company owns equipment that cost $1,017,000 and has accumulated depreciation of $429,400. The expected future net cash flows from the use of the asset are expected to be $565,000. The fair value of the equipment is $452,000. Prepare the journal entry, if any, to record the impairment loss. (If no entry is required, select "No entry" for the account titles and enter 0 for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually. List debit entry before credit entry.) Account Titles and Explanation Debit Credit

Practical Management Science
Practical Management Science
6th Edition
ISBN:9781337406659
Author:WINSTON, Wayne L.
Publisher:WINSTON, Wayne L.
Chapter2: Introduction To Spreadsheet Modeling
Section: Chapter Questions
Problem 20P: Julie James is opening a lemonade stand. She believes the fixed cost per week of running the stand...
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Sunland Company owns equipment that cost $1,017,000 and has accumulated depreciation of $429,400. The expected future net cash flows from the use of the asset are expected to be $565,000. The fair value of the equipment is $452,000. Prepare the journal entry, if any, to record the impairment loss. (If no entry is required, select "No entry" for the account titles and enter 0 for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually. List debit entry before credit entry.) Account Titles and Explanation Debit Credit
Transcribed Image Text:Sunland Company owns equipment that cost $1,017,000 and has accumulated depreciation of $429,400. The expected future net cash flows from the use of the asset are expected to be $565,000. The fair value of the equipment is $452,000. Prepare the journal entry, if any, to record the impairment loss. (If no entry is required, select "No entry" for the account titles and enter 0 for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually. List debit entry before credit entry.) Account Titles and Explanation Debit Credit
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