Torque Co. has equipment with a carrying amount of $2,400,00…

Torque Co. has equipment with a carrying amount of $2,400,000. The expected future net cash flows from the equipment are $2,445,000, and its fair value is $2,040,000. The equipment is expected to be used in operations in the future. What amount (if any) should Torque report as an impairment loss on the equipment?

Morgan Corporation purchased a depreciable asset for $600,00…

Morgan Corporation purchased a depreciable asset for $600,000 on January 1, 2023. The estimated salvage value is $60,000, and the estimated useful life is 9 years. The straight-line method is used for depreciation. At the beginning of 2026, Morgan changed its estimates to a total useful life of 5 years (3 years already used and 2 years remaining) with a salvage value of $60,000. What is 2026 depreciation expense?

Grover Corporation purchased a truck at the beginning of 202…

Grover Corporation purchased a truck at the beginning of 2025 for $109,200. The truck is estimated to have a salvage value of $4,200 and a useful life of 120,000 miles. It was driven 21,000 miles in 2025 and 30,000 miles in 2026. Depreciation expense for 2026 is