Kenoly Corporation owns a patent that has a carrying amount of $300,000. Kenoly expects future net…

Kenoly Corporation owns a patent that has a carrying amount of $300,000. Kenoly expects future net cash fl ows from this patent to total $210,000 over its remaining life of 10 years. The recoverable amount of the patent is $110,000. Prepare Kenoly"s journal entry, if necessary, to record the loss on impairment.

 

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