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Question - On 1 January 2018, Excel-Purchase Limited acquired a machine with an estimated useful life of 10 years at $1,600,000 (with no residual value and depreciated at straight-line basis). After the receipt of the machine 10 days later, Excel-Purchase decided to sell it. The planned disposal fulfilled the criteria under IFRS 5 and the fair value less estimated costs to sell is also around $1,600,000.
At year end of 2018, Excel-Purchase decides to withdraw the sale and use the machine for its own use. At that date, Excel-Purchase estimates that the recoverable amount may be (1) $1,500,000, or (2) $1,200,000.
Calculate the different financial implications from the two estimates of the recoverable amount.
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