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AISY BERHAD acquired a machine on 1 January 2017 at RM300,000 cash. It is used to manufacture one of its product; OPC Cement. The machine is expected to have a 10 years useful life and depreciation is calculated using straight line method. As at 31 December 2019, the company assessed that the machine may be impaired due to lower demand of the RED Cement. It was estimated that the fair value less cost to sell is RM203,000 and the value in use is RM180,000. However, due to the increase in demand during 2020, the impairment was reverse on 31 December 2020.
Required:
Problem 1: Assuming cost model and straight line method is used to account for the machine, show the journal entry of each event related to the machine.
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