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Quinn Industries Limited (QIL) is a private company that follows ASPE. On January 8, 2017 QIL purchased a specialized machine for $4,800,000 cash. On the date of purchase, the machine had an estimated useful life of 8 years and no residual value. On April 27 2018, a major part costing $350,000 and designed to increase the machine's efficiency was added. When the addition was completed, the estimated useful life of the machine remained unchanged. QIL's policy is to use straight-line method of depreciation calculated to the nearest whole month.
Required:
Problem (a) Prepare the journal entry, if any, to record asset impairment at December 31, 2018. Problem (b) Prepare the journal entry to record the sale of the machine on May 6, 2020.
Problem (c) Assume Quinn Industries Limited follows IFRS instead of ASPE. Prepare the journal entry, if any, to record asset impairment at December 31, 2018.
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