Lynch printing company determines that a printing press used in its operations has suffered a permanent impairment in value because of technological changes. an entry to record the impairment should
a. recognize an extraordinary loss for the period
b. include a credit to the equipment accumulated depreciation account
c. include a credit to the equipment account
d. not be made if the equipment is still being used
Ans: b. include a credit to the equipment accumulated depreciation account
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