Actg Question
Company buys an asset for $100. Market value is $80
Do you immediately record an impairment loss of $20 on IS, or is asset recorded at $100 on BS due to the historical cost principle?
Company buys an asset for $100. Market value is $80
Do you immediately record an impairment loss of $20 on IS, or is asset recorded at $100 on BS due to the historical cost principle?
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