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Accounting

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at has a carrying amount of $840,000. Flounder expects future net cash flows from this patent to total $520,000. The fair value of the patent is $370,000. Prepare Flounder's journal entry to record the loss on impairment. (Credit account titles are automatically indented when amount is entered. Do not indont tny is required, select No tn for the account ities and enter o for the amounts.) Account Titles and Explanation Debit Credit

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