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One Ltd has, in its record on 30 June 2019, a vehicle with a carrying amount of $60,000 and remaining useful life of 3 years. The vehicle was determined to have recoverable amounts of $57,000 and $40,500 on 30 June 2019 and 30 June 2020, respectively. The accountant of One Ltd also found that if One Ltd were to sell the vehicle on 30 June 2019, the net amount from the sale would be $56,000.
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Problem 1: Prepare journal entries to record the transactions on 30 June 2019 and 30 June 2020 in accordance to IAS 36/AASB 136 Impairment of Assets requirements.
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