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Accounting

Lynch 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:

a) not be made if the equipment is still being used.

b) recognize an extraordinary loss for the period.

c) include a credit to the equipment account.

d) include a credit to the equipment accumulated depreciation account.

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M984636

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