Sheridan Ccmpany owns equipment that cost s1,116,000 and has accumulated depreci

Question

Sheridan Ccmpany owns equipment that cost s1,116,000 and has accumulated depreciation ot $471,200. The expected future net cash flows from the use cf the asset are expected to be 5520,000, The fair value of the equipment is $496,000 Prepare the joumal entry, ir any, to record the impairment loss. (If no entry is required, select "No entry" tor the account titles and enter 0 for the anmounts. Credit account tities are automatically indented when amount is entered. Do not indent manually.) Account Titles and Explanation Credit

Explanation / Answer

Loss on impairment 148800 =(1116000-471200)-496000 Accumulated depreciation-Equipment 148800

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