Flint Corporation owns a patent that has a carrying amount of $290,000. Flint expects future net cash flows from this patent to total $240,000. The fair value of the patent is $133,000. Prepare...

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12 mayo 8:54 pre 16

Extracted text: Flint Corporation owns a patent that has a carrying amount of $290,000. Flint expects future net cash flows from this patent to total $240,000. The fair value of the patent is $133,000. Prepare Flint's journal entry to record the loss on impairment.