Redwood Company performs an assessment annually for possible impairment losses and has gathered the following...
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Redwood Company performs an assessment annually for possible impairment losses and has gathered the following information pertaining to selected assets at December 31, 2021: Asset Building Equipment Computers Furniture Original cost $ 350,000 $ 150,000 $ 560,000 $ 55,000 Accumulated depreciation 220,000 10,000 485,000 17,000 Recoverable amount 550,000 135,000 $ 70,000 $ 40,000 Impairment loss (if any) ? ? ? ? Instructions Determine if the assets identified by Redwood are impaired and prepare any necessary adjusting entries to record the impairments. Asset Building Equipment Computers Furniture Original cost $ 350,000 $ 150,000 $ 560,000 $ 55,000 Accumulated depreciation 220,000 10,000 485,000 17,000 Recoverable amount 550,000 135,000 $ 70,000 $ 40,000 Impairment loss (if any)
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