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Question -
(a) How should be the reversal of an impairment loss be accounted for?
(b) Azalea Ltd has determined that its China division is a cash-generating unit. The carrying amounts of the assets at 30 June 2015 are as follows:
Factory
$210,000
Land
$150,000
Equipment
$120,000
Machinery
$60,000
Azalea Ltd calculated the Value in Use of the division to be $510,000 and Fair Values less Cost to Sell (net selling price) of $480,000.
Required - Prepare the appropriate journal entries for the impairment loss, assuming that the fair values less cost to sell of the land are:
a) $140,000
b) $145,000
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