Kingbird Inc. owns equipment that cost $672,000 and has accumulated depreciation of $174,000. The expected...
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Kingbird Inc. owns equipment that cost $672,000 and has accumulated depreciation of $174,000. The expected future net cash flows from the use of the asset are expected to be $444,000. The fair value of the equipment is $384,000. 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.)
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enter a debit amount
enter a credit amount
Current Attempt in Progress Kingbird Inc. owns equipment that cost $672,000 and has accumulated depreciation of $174,000. The expected future net cash flows from the use of the asset are expected to be $444,000. The fair value of the equipment is $384,000. 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 O for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually.) Account Titles and Explanation Debit Credit
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