On March 31, 2023, Panda Co. assessed its assets for impairment as part of its year-end...

 

Transcribed Image Text:

On March 31, 2023, Panda Co. assessed its assets for impairment as part of its year-end procedures. It was found that equipment had a recoverable value of $15,000, a remaining useful life of three years and salvage (residual) value of zero. The March 31, 2023 adjusted trial balance showed that the equipment had a cost of $102,000 and accumulated depreciation of $54,000. Panda recorded no impairment losses in previous years. Record the impairment loss at March 31, 2023: GENERAL JOURNAL Date Account Titles Debit Credit On March 31, 2023, Panda Co. assessed its assets for impairment as part of its year-end procedures. It was found that equipment had a recoverable value of $15,000, a remaining useful life of three years and salvage (residual) value of zero. The March 31, 2023 adjusted trial balance showed that the equipment had a cost of $102,000 and accumulated depreciation of $54,000. Panda recorded no impairment losses in previous years. Record the impairment loss at March 31, 2023: GENERAL JOURNAL Date Account Titles Debit Credit

Answer rating: 100% (QA)

The impairment loss recorded at March 31 2023 is a debit to Lo... View the full answer