Practice Assignment Gradebook Assignment Open Assignment FUL

&Practice; Assignment Gradebook Assignment> Open Assignment FULL SCREEN PRINTER VERS ASSIGNMENT RESOURCES Question 1 When an asset is measured using the cost model, which of the following is the appropriate journal entry to record an impairment loss? Online Quiz Question1 Question 2 . DR Accumulated depreciation and impairment losses CR Asset II. DR Accumulated depreciation and impairment losses I1I. DR Impairment loss IV. DR Impairment loss CR Impairment loss Question 5 Question Question2 Question CR Accumulated depreciation and impairment losses CR Asset Question Question LL 1L Question Altempts: 0 of t ved SAVE FOR LATER SMEY ch6doe a ch6 (1i.doc a cns.doc MacBook Ai

Solution

The correct option is III. DR Impairment Loss

CR Accumulated depreciation and impairment losses

This is because when an asset is measured using cost model, the value of asset will always be shown at cost and any impairment loss and depreciation will be credited to a separate account called \"Accumulated depreciation and impairment losses\". Therefore in this case, the impairment loss will be debited as it is an charge against profits and correspondingly Accumulated depreciation and impairment losses account will be credited for recording impairment loss.