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An entity bought a machine on January 1, 2017 for $10 million, but which incurred freight, installation, and custom duties of an additional $10 million. At the date of purchase the asset had an estimated useful life of 10 years. The asset is to be depreciated using a straight line basis to a nil residual value. However, on July 1, 2019 the entity's operations have changed and management has committed to a plan of sale. The asset has been marketed at its fair value of $5 million and an active buyer was located. On further assessment, it entity does not intend to incur any cost to dispose of the asset.
Required:
Problem a. Briefly discuss the treatment of the asset in accordance with IFRS.
Problem b. Prepare the relevant financial statements extracts for the year ending December 31, 2019.
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