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Dynamite Limited has determined its explosive division is a cash generating unit. The carrying amount of the assets at 30 June 2016 is:
Building 105,000
Land 75,000
Equipment 60,000
Inventory 30,000
The fair value of the assets at 30 June 2016, unless stated otherwise, is the same as their respective carrying amounts.
Dynamite calculated the value in use of the division as $260,000.
Required:
Problem 1: Provide the workings and journal entries for the impairment loss of the division assuming that the fair value of the land is:
(a) $70,000
(b) $62,500
Beyond the Arc incurred losses amounting to P20,000. If asset revaluation is to be used in admitting curry, the asset revaluation(impairment should be)
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