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Unformatted text preview: The gain or loss on impairment should be reported in the "other income or expense" section of the in (c) At December 31, 2008, the equipments fair value increased to $260,000. Prepare the journal entry ( This is a restoration of impairment loss and is not allowed. The value has increasedbut will not be (d) What accounting issues did management face in accounting for this impairment? Management faced issues relating to determining of impairment loss has occurred and to determine a cost management income statement. (if any) to record this increase in fair value. recorded. the amount of that impariment loss....
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