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On January 1, 2011, Fredrichs Inc.purchased equipment with a cost of €3,060,000, a useful life of 12 years and no salvage value.The company uses straight-line depreciation.At December 31, 2011, the company determines that impairment indicators are present.The fair value less cost to sell the asset is estimated to be €2,600,000.The asset's value-in-use is estimated to be €2,365,000.There is no change in the asset's useful life or salvage value
-The 2012 (second year) income statement will report depreciation expense for the equipment of

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On January 1, 2011, Fredrichs Inc.purchased equipment with a cost of €3,060,000, a useful life of 12 years and no salvage value.The company uses straight-line depreciation.At December 31, 2011, the company determines that impairment indicators are present.The fair value less cost to sell the asset is estimated to be €2,600,000.The asset's value-in-use is estimated to be €2,365,000.There is no change in the asset's useful life or salvage value
-The 2012 (second year) income statement will report depreciation expense for the equipment of

Use the Following Information for Questions