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Record the journal entries for impairment loss of the years

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Power Pte Ltd bought a piece of land for $10 million in 2009. The land was revalued to a market value of $15 million in 2011. In 2012, the surroundings has so deteriorated that the land has become less valuable. The company decided to provide for impairment loss based on estimated fair value less cost of disposal of $11 million as at 31 December 2012.

In 31 December 2013, the recoverable amount of the land further deteriorated to $ 8 million.

Question 1: Record the journal entries for impairment loss of the years ended 31 December 2012 and 31 December 2013.

Reference no: EM132552043

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