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Question
The Simon Company acquired a long-lived asset three years ago at a cost of $125,000. Two years later the asset sustained impairment in value. At the time of the impairment the fair value of the asset was $25,000 and the carrying value was $50,000. The entry to record the impairment would be
A. Option a
B. Option b
C. Option c
D. Option d
Answer
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