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Calculate the impairment reversal on june

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Reference no: EM133157434

Question - Piano Maker Ltd purchased a photocopier for $80,000 on 1 July 2022. The photocopier is depreciated over 10 years with a nil residual value. The following information related to the photocopier: Date Value in use Fair value less costs of sale 30 June 2023 $50,000 $55,000 30 June 2025 $115,000 $125,000 The useful life and residual value were not changed at any point.

Required -

i) Calculate the impairment on 30 June 2023;

ii) Calculate the depreciation on 30 June 2024;

iii) Calculate the impairment reversal on 30 June 2025.

Reference no: EM133157434

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