Champion Company reviews its assets every fiscal year for potential asset impairments. In the current year Champion realized through its impairment assessment that a specialized machine has a recoverable amount of $360,500. This asset carries a cost of $890,000 and up-to-date accumulated depreciation of $549,200. What amount would be reported as an impairment loss on Champion's current income statement at year end?

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The Answer of Champion Company reviews its assets every fiscal year for potential asset impairments. In the current year Champion realized through its impairment assessment that a specialized machine has a recoverable amount of $360,500. This asset carries a cost of $890,000 and up-to-date accumulated depreciation of $549,200. What amount would be reported as an impairment loss on Champion's current income statement at year end?

Champion Company Reviews Its Assets Every Fiscal Year for Potential