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What aspects need to taken into consideration in measurement

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Problem 1: 'Y' Ltd. purchases a machine for $60,000. At the end of the current year, 'Y' Ltd. appraises the fair value of the machine $70,000 plus or minus 5%. Explain what aspects need to be taken into consideration in measurement of the machine in the financial statement with regards to relevance and faithful representation.

Reference no: EM132815559

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