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  3. on january 1, 2020, cucumber inc. purchased equipm

On January 1, 2020, Cucumber Inc. purchased equipment with a cost of 7638000, a useful...

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Accounting

image On January 1, 2020, Cucumber Inc. purchased equipment with a cost of 7638000, a useful life of 9 years and no residual value. Cucumber Inc. uses straight-line depreciation. At December 31, 2022, Cucumber Inc. determines that impairment indicators are present. The fair value less cost to sell the equipment is estimated to be 3108000. The asset's value-in-use is estimated to be 2785000. There is no change in the asset's useful life or salvage value. Requirement: Determine what the 2022 income statement will report. The income statement for 2022 will not report a loss on impairment. The income statement for 2022 will report a loss on impairment of 1983999. Correct The income statement for 2022 will report a loss on impairment of c2 832666 . The income statement for 2022 will report a loss on impairment of 2306999

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