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How is machine valued in the statement of financial position

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Reference no: EM132619854

Problem 1: BI also owns a machine, which it acquired on 1 October 20X0 for $500,000. The machine is being depreciated straight line over 10 years. The economic climate had deteriorated during 20X5, causing BI to carry out an impairment review of its assets at 30 September 20X5. BI's building was valued at a recoverable amount of $1,500,000 on 30 September 20X5 by an independent valuer. A specialist valued BI's machine at a market value of $230,000 on the same date. BI's management accountant calculated that the machine's value in use at 30 September 20X5 was $150,000. How is the machine valued in the statement of financial position for the year ended 30 September 20X5?

Reference no: EM132619854

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