Recording the impairment loss, Accounting Standards

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Recording the impairment loss

Response to the following problem:

Steel Magnolia Incorporated purchased a trademark seven years ago for $275,000. Steel Magnolia believed the trademark would have an indefinite life. At the end of 2011, the corporation believes the fair value of the trademark is $189,000. Record the impairment loss for Steel Magnolia.

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Accounting Standards: Recording the impairment loss

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