Question: Consider the following three independent scenarios: 1. For each of the three scenarios, answer the following questions: a. Is the asset impaired? b. At what

Consider the following three independent scenarios:

1. For each of the three scenarios, answer the following questions:
a. Is the asset impaired?
b. At what amount (net of accumulated depreciation) should the asset be reported?
2. Make the journal entry required in Scenario3.

2 Original cost of asset..*.-r..r-.-. Accumulated depreciation Sum of future cash flows Fair value of the asset $1,400 $1,400 $1,400 400 900 800 400 400 1,500 ,500 L100 800

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