Reference no: EM132775403

On December 31, 2020, Bengals Corp.'s statement of financial position includes the following records:

PP&E......................................................... $950,000

Accumulated depreciation - PP&E ...................... (380,000)

After performing an annual review of impairment on the PP&E, Bengals obtains the following data:

Asset's value in use $565,000

Fair value less disposal costs 572,000

Instructions:

As of December 31, 2020:

Problem 1: Calculate the carrying value of PP&E;

Problem 2: Calculate the recoverable amount;

Problem 3: Calculate the impairment loss.