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After recording depreciation for the current year, Media...

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Accounting

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After recording depreciation for the current year, Media Mania Incorporated decided to discontinue using its printing equipment. The equipment had cost $750,000, accumulated depreciation was $550,000, and its fair value (based on estimated future cash flows from selling the equipment) was $50.000, 1. Determine whether the equipment is impaired. 2. Prepare the journal entries to record the impaired asset Complete this question by entering your answers in the tabs below. Required 1 Required 2 Determine whether the equipment is impaired. Therefore this asset mpated The fair value is and the book value is Required 2 > Journal entry worksheet

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