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Identifying and Recording Impairment Loss on Plant Asset Three cases are provided below concerning a...

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Identifying and Recording Impairment Loss on Plant Asset Three cases are provided below concerning a plant asset currently used in operations. Case Carrying Value Recoverable Cost Fair Value $24,000 $36,000 $27,000 27,000 39,000 24,000 36,000 24,000 18,000 A B Required a. Which case(s), if any, requires an impairment loss to be recognized, and for what amount? Assume that indicators of impairment are present in all cases. Note: If the asset is not impaired, enter a zero (or leave blank) for the loss. Note: Do not use negative signs with your answers. Impairment Loss Case A $ 0 Case B $ 0 Case C $ (12,000) * b. Record the entry for the impairment loss on the case(s) identified in part a (if any). Note: If a line in a journal entry isn't required for the transaction, select "N/A" as the account names and leave the Dr. and Account Name Dr. Cr. Loss on Impairment (12,000) X Accumulated Depreciation (12,000) X 0 0

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