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tekilochka [14]
2 years ago
7

Coronado Industries purchased equipment in 2019 at a cost of $912000. Two years later it became apparent to Coronado Industries

that this equipment had suffered an impairment of value. In early 2021, the book value of the asset is $583000 and it is estimated that the fair value is now only $360000. The entry to record the impairment is
Business
1 answer:
Rasek [7]2 years ago
6 0

Answer and Explanation:

The journal entry to record the impairment is as follows:

Loss on impairment of equipment $223,000 ($583,000 - $360,000)  

            To Accumulated depreciation- Equipment $223,000

(Being the impairment is recorded)

Here the loss would be debited as it increased the losses and accumulated depreciation is credited as it decreased the assets

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Answer:

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Suppose that the price of basketball tickets at your college is determined by market forces. Currently, the demand and supply sc
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Price              Quantity Demanded (Qd)          Quantity Supplied (Qs)

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$20                           2,000                                        8,000

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