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At 30 June 2019, there was an indication that Modern Machineries Ltd's machinery might be impaired. In preparing for the impairment testing, the accountants have estimated, as at 30 June 2019, the piece of machinery's fair value less costs of disposal to be $495,000 and its value in use to be $580,000. The machinery was purchased and installed on 1 October 2016 by $925,000, The machinery had estimated useful life of 8 years after which time it would have a residual value of $125,000. Modern Machineries Ltd uses the straight-line method of depreciation for this machinery.
Required: Problem 1: Compute the impairment loss to be recorded at 30 June 2019?
Problem 2: Journalize the required entries to record the impairment loss to be recorded at 30 June 2019?
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