Solved: The machines actual fair value on december 31 2010 is 3000, Cost Accounting

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The machines actual fair value on december 31 2010 is 3000

Synthia, Inc., a clothing manufacturer, purchased a sewing machine for $10,000 on July 1, 2008. The machine had a ten-year life, a $500 salvage value, and was depreciated using the straight-line method. On December 31, 2010, a test for impairment indicates that the undiscounted cash flows from the sewing machine are less than its carrying value. The machine's actual fair value on December 31, 2010 is $3,000. What is Synthia's loss on impairment on December 31, 2010?

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Cost Accounting: The machines actual fair value on december 31 2010 is 3000

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