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Test: CPA Financial Accounting and Reporting (FAR)
1. | The Mallory Corp has a fixed asset with a carrying value of $100,000, expected future cash flows of $90,000, present value of expected future cash flows of $70,000, and a market value of $75,000. What amount of impairment loss should Mallory record for this asset? |
$30,000
$25,000
$0
$10,000
David
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