(Answered) Question - wildhorse company owns equipment that cost

Accounting

Question - Wildhorse Company owns equipment that cost $1,071,000 and has accumulated depreciation of $452,200. The expected future net cash flows from the use of the asset are expected to be $595,000. The fair value of the equipment is $476,000.

Prepare the journal entry, if any, to record the impairment loss.

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