Deedle Company purchased four convenience store buildings on January 1, 2007, for a total of $13,000,000. The
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1. Make the appropriate journal entry, if any, to record an impairment loss as of January 1, 2013.
2. Compute total depreciation expense for 2013.
3. Repeat (1) and (2) assuming that the net cash inflow from the buildings totals $1,100,000 per year. The fair value of the four buildings totals $6,000,000.
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