Carla Vista Corporation owns a patent that has a carrying amount of $654,000. Carla Vista...
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Carla Vista Corporation owns a patent that has a carrying amount of $654,000. Carla Vista expects future net cash flows from this patent to total $408,750. The fair value of the patent is $506,850. Prepare the joumal entry, if necessary, to record the loss on impairment. (Credit account titles are outomatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts, List debit entry before credit entry)
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