View Policies Current Attempt in Progress The following information relates to equipment owned by Rachel Renovations Limited at December 31, 2020 Cost Accumulated depreciation to date Recoverable amount Assume that Rachel will continue to use this equipment in the future. As at December 31, 2020, the equipment has a remaining useful life of four years, Rachel uses the straight-line method of depreciation. The depreciation for 2020 has already been recorded by the company $6.840,000 760.000 4,712,000 Prepare the journal entry, if any, to record the impairment of the asset at December 31, 2020. (Credit accounttities are automatically indented when the amount is entered. Do not indent manually if no entry is required, select "No Entry for the account titles and enter O for the amounts) Date Dec. 31, 2020 Account Titles and Explanation (To record impairment loss on equipment) Textbook and Media Debit Credit and enter for the amounts) Date Dec 31, 2020 Account Titles and Explanation (to record impairment loss on equipment) Textbook and Media List of Accounts What is the amount reported for equipment on the statement of financial position at December 31.2007 Carrying amount $ Save for Lat eTextbook and Media List of Accounts Debit Credit Attempts 0 of 3 used Sant Anwer
