Lamar Printing Company determines that a printing press used in its operations has suffered a permanent impairment in value because of technological changes. An entry to record the impairment should recognize an extraordinary loss for the period. include a credit to the equipment accumulated depreciation account. include a credit to the equipment account. not be made if the equipment is still being used.

One of the growers is excited by this advancement because now he can sell more crops, which he believes will increase revenue in this market. as an economics student, you can use elasticities to determine whether this change in price will lead to an increase or decrease in total revenue in this market. using the midpoint method, the price elasticity of demand for soybeans between the prices of $5 and $4 per bushel is , which means demand is between these two points. therefore, you would tell the grower that his claim is because total revenue will as a result of the technological advancement.