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Make journal entry to record depreciation expenses

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Carina Co. Ltd. has the following information relating to a machine at 31 December, 2018, the financial year-end day:

Cost $1,000,000

Accumulated depreciation $200,000

Value-in-use $500,000

Fair value $600,000

Cost of disposal $20,000

Carina will continue to use the machine and is depreciating this machine using straight-line method. This machine has a remaining useful life of 5 years with no salvage value. Financial year-end is 31 December.

Required: (Provide detailed workings as necessary)

Problem (a) Prepare the journal entries (if any) to record the impairment of the machine at 31 December, 2018.

Problem (b) Prepare journal entry to record depreciation expenses for 2019.

Problem (c) Recoverable amount of the machine at 31 December, 2019 is $680,000, prepare journal entry (if any) relating to this.

Reference no: EM132624651

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