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After recording depreciation for the current year, Media Mania Incorporated decided to discontinue using its...

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Accounting

After recording depreciation for the current year, Media Mania Incorporated decided to discontinue using its printing equipment. The equipment had cost $766,000, accumulated depreciation was $589,000, and its fair value (based on estimated future cash flows from selling the equipment) was $63,000. Required: Determine whether the equipment is impaired. Prepare the journal entries to record the impairment in asset if any

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