question archive Lackey Painting Company determines that a printing press used in its operations has suffered a permanent impairment in value because of technological changes

Lackey Painting Company determines that a printing press used in its operations has suffered a permanent impairment in value because of technological changes

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Lackey Painting Company determines that a printing press used in its operations has suffered a permanent impairment in value because of technological changes. An entry to record the impairment should

Group of answer choices

include a credit to the equipment account.

recognize an unusual loss for the period.

include a credit to the equipment accumulated depreciation account.

not be made if the equipment is still being used.

Option 1

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