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Pharoah Corporation owns machinery with a book value of $2199000. It is estimated that the...

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Accounting

Pharoah Corporation owns machinery with a book value of $2199000. It is estimated that the machinery will generate future cash
flows of $2007000. The machinery has a fair value of $1930000. The journal entry to record the impairment loss will
increase the asset's Accumulated Depreciation account by $269000.
include a $269000 credit to the asset account.
record an extraordinary loss of $77000.
reduce income from continuing operations by $192000.
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