Identifying and Recording Impairment Loss on Equipment Bolt Company purchased equipment on January 1, 2011 for $54,000.

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Identifying And Recording Impairment Loss On Equipment Bolt Company Purchased Equipment On January 1 2011 For 54 000 1 (17.14 KiB) Viewed 28 times

Identifying and Recording Impairment Loss on Equipment Bolt Company purchased equipment on January 1, 2011 for $54,000. This equipment has an estimated useful life of five years, a residual value of $4,000, and is depreciated using the sum of the years agts method. At the beginning of 2020, Bolt spects that the original investment in the asset will not be realized; the total remaining future cash inflow expected to be produced through use of the equipment including the enginial residual value, is $10,000. The equipment's fair value at January 1, 2020, $7,000. Determine whether the asset is impaired and, if so, the amount of the impairment loss on January 1, 2020. Note: If the asset is not impairedt, enter a zero cor leave for the loss Note: Do not use a negative sign with your ans $9,000 à Compute depreciation for 2020 $6.000 Xx