(Answered) Abc inc applies the revaluation model to account for its

Engineering

ABC Inc. applies the revaluation model to account for its Machinery and Equipment. On January 1, Year 1, its Machinery and Equipment had a net book value of $180,000. An impairment test revealed that the fair value of these assets on that date was $120,000. There was a $35,000 credit balance in the company's Revaluation Surplus - Machinery and Equipment account on that date.

What would journal entry to adjust ABC's Machinery and Equipment to fair value?

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