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Question - On 1 July 2021, Mozart Ltd purchased three machines each used in a different production process in the factory. On 30 June 2022, there was an indication that the machines could be impaired due to a new competitor entering the market so Mozart Ltd determined the recoverable amounts of the machines. Information concerning the machines is summarised in the table below. Mozart Ltd uses straight-line depreciation over a 5 year period for all machinery. Assume that all three machines had nil residual values at the end of their useful lives.
Machine
Cost 1/7/21
Value in Use 30/6/22
Net Selling price 30/6/22
1
$10,000
$7,500
$9,000
2
$25,000
$13,000
$12,000
3
$15,000
$8,000
$9,500
50,000
Required -
1) Record any depreciation for the year ended 30 June 2022.
2) Record any asset impairment at 30 June 2022.
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