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Larkspur Inc owns equipment that $549000 and has accumulated depreciation of $142,000. The expected future...

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Accounting

Larkspur Inc owns equipment that $549000 and has accumulated depreciation of $142,000. The expected future net cash flows from the use of the asset are expected to be $363000. The fair value of the equipment is $314000.

Prepare the journal entry, if any, to record the impairment loss.

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