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Intermediate Accounting: Reporting...

3rd Edition
James M. Wahlen + 2 others
ISBN: 9781337788281

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BuyFindarrow_forward

Intermediate Accounting: Reporting...

3rd Edition
James M. Wahlen + 2 others
ISBN: 9781337788281
Textbook Problem
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Explain the meaning of an impaired asset and describe the proper accounting for impaired assets.

To determine

Describe the term impaired asset and its appropriate accounting.

Explanation

Impairment refers to the decrease in the value of long-lived assets due to obsolescence, and damage. If the remaining book value of a plant asset could not be recovered from the future cash flows expected to be generated from the use of the asset, the value of the plant asset is said to be impaired. When the long-lived asset is impaired, then the future cash flows expected to be generated from the use of the asset is less than the current book value of the asset...

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