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6. On January 1, 2012, Hamlin Company purchased equipment for $3.2 million. At the end...

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Accounting

6. On January 1, 2012, Hamlin Company purchased equipment for $3.2 million. At the end of 2017, Hamlin believes the equipment may be impaired due to technological changes. Management has acquired the following information for the equipment: Cost $3,200,000 Accumulated depreciation $1,575,000 Estimated total cash flows - undiscounted $1,200,000 Estimated Fair value of equipment $911,000 a. Determine whether or not Hamlin's equipment is impaired. r IMPAIRED r NOT IMPAIRED b. If impaired, what is the impairment loss? c. Record the journal entry necessary to write down the equipment.

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