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The rate of return expected by the market on this machine is 8%. Arrow Ltd acquired a machine for $250 000 on 1 July 2019. It depreciated the asset at 10% p.a. on a straight-line basis. On 30 June 2021, Arrow Ltd conducted an impairment test on the asset. It determined that the asset could be sold to other entities for $154 000 with costs of disposal of $2000. Management expect to use the machine for the next four years with expected cash flows from use of the machine being:
Problem 1: Assess whether the machine is impaired. If necessary, provide the appropriate journal entry to recognise any impairment loss
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