Consider an Impairment Loss at a Company That Uses Private

question 21

Multiple Choice

Consider an impairment loss at a company that uses private entity GAAP.The required year-end journal entry includes

• A)A Debit to loss on impairment and a Credit to Accumulated impairment losses.
• B)A Debit to other comprehensive income and a Credit to Accumulated impairment losses.
• C)A Debit to loss on impairment and a Credit to the affected asset.
• D)A Debit to other comprehensive income and a Credit to the affected asset.

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