At the end of the annual reporting period,December 31,2014,LTX had the accounting situation given below under consideration for adjusting entries.Give the appropriate adjusting entry.Assume straight-line amortization.If an adjusting entry is not needed,explain why.
Situation: LTX had a small (and old) plant that has been idle for two years.LTX has been unable to sell it for the asking price of $75,000.It originally cost $325,000 and the accumulated depreciation is $265,000.A recent independent appraisal of its current value (the land plus salvage value of the plant) was $35,000.

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The Answer of At the end of the annual reporting period,December 31,2014,LTX had the accounting situation given below under consideration for adjusting entries.Give the appropriate adjusting entry.Assume straight-line amortization.If an adjusting entry is not needed,explain why.
Situation: LTX had a small (and old) plant that has been idle for two years.LTX has been unable to sell it for the asking price of $75,000.It originally cost $325,000 and the accumulated depreciation is $265,000.A recent independent appraisal of its current value (the land plus salvage value of the plant) was $35,000.

At the End of the Annual Reporting Period,December 31,2014,LTX Had