Impairment: The decrease of recoverable value of fixed assets or goodwill less than the book value is termed as impairment. To prepare: To prepare the journal entry to record the loss on impairment. Given Information: Required data has been presented in the question.

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Chapter 12, Problem 6BE

To determine

Impairment: The decrease of recoverable value of fixed assets or goodwill less than the book value is termed as impairment.

To prepare: To prepare the journal entry to record the loss on impairment.

Given Information: Required data has been presented in the question.

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