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Question - Entity A owns a plant that was originally purchased for $4,500,000. On 31 Dec 2019, the plant has been revalued to $6,000,000 with the revaluation of $3,000,000 being recognised as other comprehensive income and recorded in the revaluation reserve as a surplus.
On 31 Dec 2020, the plant has a carrying amount of $5,000,000 but the recoverable amount of the plant has just been estimated at only $1,500,000.
REQUIRED - According to the accounting standards, prepare the relevant journal entries related to the impairment loss on 31 Dec 2020.
Did you identify any investments in other entities? If so, are they accounted for under the cost method, the equity method, or consolidation?
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