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Journal entry for impairment reversals
Hi everyone. In the question, I found that there was no impairment for the asset since undiscounted cash flows of 535000 > 530000, but then the question says that assume the recoverable amount is calculated to be 300000 at end of 2011. Prepare any journal entries to record any reversals at end of 2011 under PE GAAP. Can anyone explain how should I proceed on answering this question. And is the recoverable amount same as undiscounted cash flows?
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