Reference no: EM133096108
Question - Following is information for Abacus Inc. for its equipment as at December 31, 2019:
Cost $1,000,000
Accumulated Depreciation to date $200,000
Present value of future net cash flows (value in use) $650,000
Undiscounted future net cash flows $700,000
Fair Value $680,000
Costs to sell $10,000
As at December 31, 2019, the equipment has a remaining useful life of 4 years and it uses straight-line depreciation. It uses IFRS. Round all answers to the dollar.
1. Calculate the impairment loss, if any, under IFRS.
2. Calculate the impairment loss, if any, under ASPE.
3. If the asset increases in Value to $740,000 the next year in 2020, what amount is recorded as a recovery of the loss under IFRS?
4. Does the journal entry include a debit to "Impairment Loss" when recording the impairment?
5. Would a journal entry be recorded to record a recovery of an impairment loss under ASPE?
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