Case E Robert Sporting Goods Company has another piece of equipment (Q102) with the following cost and accumulated depreciation at its year ended December 31, 2020: Equipment (Q102) $ XXXXXXXXXX...

Case E

Robert Sporting Goods Company has another piece of equipment (Q102) with the following cost and accumulated depreciation at its year ended December 31, 2020:

                        Equipment (Q102)                                          $9 000 000

                        Accumulated Depreciation                               3 000 000

Due to obsolescence and physical damage, the equipment was found to be impaired. At the year-end Robert Sporting Goods Company had determined the following information:

                        Fair value less cost of Disposal                                   $4 500 000

                        Value in use or discounted net cash flows                    4 000 000

                        Undiscounted net cash flows                                         5 500 000

Required:

Assess equipment (Q102) for impairment and prepare the journal entry (if necessary) to report any impairment loss for the year.  When selecting from dropdown lists, if a line item does not apply, selectNA and place zero in the field in the number column.  Do not leave any number fields blank.