Question: QUESTION 2 6 points Question 2: (6 Marks) Presented below is information related to assets owned by ABC Corporation at December 31, 2014 Carrying amount

QUESTION 2 6 points Question 2: (6 Marks) Presented below is

QUESTION 2 6 points Question 2: (6 Marks) Presented below is information related to assets owned by ABC Corporation at December 31, 2014 Carrying amount 570.000 Value in use 320.000 Fair value 400.000 Instructions: d. Prepare the journal entry to record the impairment of the assets at December 31, 2014. (2 Marks) b. Prepare the journal entry to record depreciation expense for 2015 assuming that in this scenario the assets have a remaining useful life of 5 years as of December 31. 2014. (2 Marks) c. The recoverable amount of the assets at December 31, 2015 is $374,000. Prepare the journal entry to record this change in value. (2 Marks) For the toolbar, press ALT+F10 (PC) or ALT+FN+F10 (Mac). U S Paragraph Arial 10pt A TE % X2 X2 >TT - + T 99 92 SHE :) 3 Save All Answers Save and Subm Eck Save and Submit to save and submit. Click Save All Answers to save all answers

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