In 2002, Yates Company purchased land and a building at a cost of $2,000,000, with $600,000 allocated to land and $1,400,000 to the building. On December 31, 2011, the accounting records showed the following:
During 2012, it is determined that the building is on the site of a toxic waste dump and the future cash flows associated with the land and building are less than the recorded total book value for these two assets. The fair value of the land and building is $200,000, of which $60,000 is land. Make any journal entries necessary to record the asset impairment.
Definitions:
Medical Model
A framework for understanding diseases and disorders that emphasizes biological factors and physical processes.
Dieting
The practice of eating food in a regulated and supervised manner to decrease, maintain, or increase body weight, or to prevent and treat diseases.
Weight Control
The process of adopting long-term lifestyle changes to maintain a healthy body weight, often involving diet and physical activity.
Metabolism
The complex of life-sustaining chemical reactions in organisms that allows them to grow, reproduce, maintain their structures, and respond to environments.
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