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Pierre's Pet Shop Limited bought new grooming equipment on January 1, 2012 for $13,000. The useful life is estimated to be 3 years with a residual value of $1,000. The company uses straight-line depreciation. On January 1, 2013, Pierre determined that the value of the equipment is impaired, as its recoverable amount is expected to be $4,800.
-The journal entry to record the impairment would involve debits and credits to the following accounts:

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Use the following information for questions 
Pierre's Pet Shop Limited bought new grooming equipment on January 1, 2012 for $13,000. The useful life is estimated to be 3 years with a residual value of $1,000. The company uses straight-line depreciation. On January 1, 2013, Pierre determined that the value of the equipment is impaired, as its recoverable amount is expected to be $4,800.
-The journal entry to record the impairment would involve debits and credits to the following accounts:

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Pierre's Pet Shop Limited bought new grooming equipment on January 1, 2012 for $13,000. The useful life is estimated to be 3 years with a residual value of $1,000. The company uses straight-line depreciation. On January 1, 2013, Pierre determined that the value of the equipment is impaired, as its recoverable amount is expected to be $4,800.
-The journal entry to record the impairment would involve debits and credits to the following accounts:

Use the Following Information for Questions