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Presented below is information related to equipment owned by Porto Company at December 31, 2014. Cost Accumulated depreciation to date Expected future net cash flows Fair value $7,000,000 800,000 5,000,000 3,400,000 Assume that Porto will continue to use this asset in the future. As of December 31, 2014, the equipment has a remaining useful life of 4 years. Instructions (a) Conduct the recoverability test for the equipment. (b) Prepare the journal entry (if any) to record the impairment of the asset at December 31, 2014.

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Financial Accounting, Accounting

Category:- Financial Accounting
Reference No.:- M91959681

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