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Breach Ltd acquired machinery on 1 July 2020 for $600,000. The machinery is depreciated using the straight-line method over 10 years with a zero residual value. The firm uses the cost model for the machinery. There were indicators of impairment on 30 June 2021 and the firm assessed the recoverable amount of the machinery was $380,000. The useful life of the machine was not revised on this date. Following an improvement in market conditions the firm believes the impairment has reversed and assessed the recoverable amount at $580,000 on 30 June 2023.
Problem 1: Provide any journal entries needed on:
i) 30 June 2021;
ii) 30 June 2022;
iii) 30 June 2023
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