Question

Lamar Printing Company determines that a printing press used in its operations has suffered a permanent impairment in value because of technological changes. An entry to record the impairment should

Answer 1

Answer: include a credit to equipment accumulated depreciation account.

Explanation:

Lamar Printing Company determines that a printing press used in its operations has suffered a permanent impairment in value because of technological changes. An entry to record the impairment should include a credit to equipment accumulated depreciation account.

It should be noted that permanent Impairment is an injury suffered buy an individual which has a permanent impact on the way the individual functions.