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

$0

$10,000

$25,000

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