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Bridgeport Corp., a small company that follows ASPE, owns machinery that cost $945,000 and has...

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Accounting

Bridgeport Corp., a small company that follows ASPE, owns machinery that cost $945,000 and has accumulated depreciation of $360,000. The undiscounted future net cash flows from the use of the asset are expected to be $561,000. The equipments fair value is $455,000. Using the cost recovery impairment model, prepare the journal entry, if any, to record the impairment loss.

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Debit

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