On December 31, an entity analyzed equipment with a net carrying value of $250,000 for impairment. The entity determined the following:
Fair value
215,000
Undiscounted future cash flows
240,000
What is the impairment loss that will be reported on the December 31 income statement under U.S. GAAP?
A.
$10,000
B.
$35,000
C.
$25,000
D.
$0