Lamar Printing 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

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12-08-2020
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Lamar Printing 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

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topeadeniran2 topeadeniran2 · Answer 1 · 2020-08-17T03:11:16+02:00

Answer: include a credit to equipment accumulated depreciation account.

Explanation:

Lamar Printing 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 include a credit to equipment accumulated depreciation account.

It should be noted that permanent Impairment is an injury suffered buy an individual which has a permanent impact on the way the individual functions.