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Question - The accountant of ABC Co. has collected the following information on their Equipment as at 30 June 2020: The cost of equipment is $300,000. The Accumulated depreciation is $50,000. The Fair value less cost to sell is $200,000. The value in use is $220,000. What is impairment loss for the period?
a. The impairment loss is $80,000
b. The impairment loss is $50,000
c. The impairment loss is $30,000
d. The impairment loss is $ 100,000
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