Anthony Inc., a medical marijuana company purchased a roller machine for $10,000 on 7.1.19. The machine had a 10-year life, a $500 salvage value and was depreciated using the straight-line method. On 12.31.21, a test for impairment indicates the undiscounted cash flows from the machine will be less than its carrying value. The machine's actual fair value on 12.31.21 is $3,000. What is the loss on impairment on 12.31.21?  

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Step 1 Calculate the Carrying Value of the Machine on 123121 Time elapsed since p... View the full answer