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You are the financial reporting consultant of Fly4000 a large company in the airline and travel business whose principal market base is in Windhoek and the Wavis Bay. Its principal hub is Windhoek local airport and Fly4000 has a small holiday business through its partnership with a number of independent tour operators. It has a good reputation as a business carrier within its SADC market, earned through very high standards of punctuality and service. Following the recent COVID-19 global health pandemic that has resulted in boarder closure and consequently flights cancellations with near zero operations. The interim financial accountant of Fly4000 who had just completed a degree in Accounting has approached in the event of the recent happening of a possible impairment of the company's asset and requested you to assist with the measurement of the assets.
Required:
Question 1. Calculate the asset's fair value less cost of disposal at the 31 March 2020 financial year end.
Question 2. Calculate the asset's value in use at the 31 March 2020 financial year end, and state briefly as to why each of the items included in Fly4000 five-year remaining projections were either included or excluded from this calculation.
Question 3. Calculate the recoverable amount of the asset at the 31 March 2020 financial year end.
Question 4. Calculate the impairment loss, if any. Provide journal entries for the impairment loss, if any.
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