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Bow Ltd reported the following assets in its statement of financial position at 30 June 2015:
Plant $800 000
Accumulated depreciation (240 000)
Land 300 000
Patent 240 000
Office equipment 620 000
Accumulated depreciation (340 000)
Inventory 220 000
Cash and cash equivalents 180 000
$1 780 000
The recoverable amount of the entity was calculated to be $1 660 000. The fair value less costs of disposal of the land was $280 913.
Required
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