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AISY BERHAD is preparing the financial statements for the financial year ended 31 December 2020. The company uses revaluation model and straight line method to depreciate its factory. One of its factory was revalued at RM1,200,000 on 3/12/2018. The accumulated depreciation for the factory is RM70,588 as at 31/12/2020 and the revaluation reserve is RM387,500 as at 1/1/2020. Due to the decreasing demand of the company's products since 2018, AISY estimated that the fair value of the factory less costs to sell is RM1,000,000 and the value in use is RM900,000 for the factory on 31 December 2020.
Required:
Problem 1. Explain in detail the process for AISY BERHAD to recognize for impairment of the factory.
Problem 2. Show the journal entry to record the impairment on 31/12/2020.
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