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Calculate the impairment loss and annual depreciation amount

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As at 1 January 2011, Lance Pte Ltd acquired a specialised machine with a carrying amount of $300,000 and a useful life of 5 years with no salvage value. Due to a decline in the economy and thus demand for its products, the value of the machine deteriorated significantly with a value in use of $90,000 as at 31 December 2012.

Question 1: Calculate the impairment loss and the annual depreciation amount (2013 onwards) assuming no change in useful life and residual value.

Reference no: EM132552054

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