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Identifying and Recording Impairment Loss on Fixed Asset Supreme Inc. has equipment with an original cost of 5800,000, and accumulated depreciation of $300,000. Supreme is aware of a general market decline in the value of this equipment due to upgrades that are now avatable Sopreme estimates the total remaining future net cash inflows from operating the equipment to be $400.000. The fair value or the equipment is estimated to be $300,000 based on conditions in the local market. Prepare the entry, if any, that Supreme should make to record the decline in value Note: If a line in a journal entry on't required for the transaction, select "N/Aas the account names and leave the Dr, and Cr answers blank (zero) Account Name CE Dr. Cah Inventory Property Building En Accumulated Direction Costoro serve Retained ning Pro Forlod Adjustment Next Cost of Goods Sold Cepreciation Exploration Experte Hepairs Expense Gain on Revessement Loss son impairment Loss on Disposal NA prved Testoster photo0333290664 pero Identifying and Recording Impairment Loss on Fixed Asset Supreme Inc. has equipment with an original cost of $800,000, and accumulated depreciation of 5300,000. Supreme is aware of a general market decline in the value of this equipment due to upgrades that are now available. Sopreme estimates the total remaining future net cash inflows from operating the equipment to be $400,000. The fair value of the equipment is estimated to be 5300,000 based on conditions in the local market. Prepare the entry. If any, that Supreme should make to record the decline in value Note: If a line in a journal entry isn't required for the transaction, select "Nix as the account names and lewe the Dt and Cr.answers blank (zero) Account Name Dr. Cr. Previous Save Answers Next Copyright 2011 CD Ambachter

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