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  3. cardinal company has the following groups of insig

Cardinal Company has the following groups of insignificant leases at 12/31/05. Group A Group B...

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Accounting

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Cardinal Company has the following groups of insignificant leases at 12/31/05. Group A Group B Group C Total Costs $200,000 $300,000 |$400,000 Total allowance for impairment 40,000 10 30,000 12/31/05 70% 165% Expected average percentage of 60% impairment Prepare the Journal Entries to record the impairment for each of the groups at 12/31/05

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