Business, 08.04.2020 05:05 googoo4

After recording depreciation for the current year, Media Mania Incorporated decided to discontinue using its printing equipment. The equipment had cost $750,000, accumulated depreciation was $550,000, and its fair value (based on estimated future cash flows from selling the equipment) was $50,000. Determine whether the equipment is impaired. Prepare the journal entries to record the impaired asset.

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