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What amount should be reported as impairment loss for year

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Reference no: EM133173016

Question - At the year-end, Zee Company has an equipment with the following cost and accumulated depreciation:

Equipment 9,000,000

Accumulated Depreciation 3,000,000

Due to obsolescence and physical damage, the equipment is found to be impaired.

At year-end, the entity has determined the following information related to the equipment:

Fair value less cost of disposal 4,500,000

Value in use or discounted net cash inflows 4,000,000

What amount should be reported as impairment loss for the year?

Reference no: EM133173016

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