question jurassic company owns machinery that cost 1 764 000 and has accumulated dep 4278989
Question
Jurassic Company owns machinery that cost $1,764,000 and has accumulated depreciation of $744,800. The expected future net cash flows from the use of the asset are expected to be $980,000. The fair value of the machinery is $784,000.
Prepare the journal entry, if any, to record the impairment loss. (If no entry is required, select “No entry” for the account titles and enter 0 for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually.)
Need two answers each as follow:
Account Titles and Explanation
Debit
Credit
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Account Titles and Explanation |
Debit |
Credit |
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