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Presented below is information related to equipment owned by Urithiru Industries at December 31, 2020:
Cost: $100,000Accumulated Depreciation to date: $64,000Undiscounted expected net future cash flows: $28,000Value of a very similar asset traded in the market: $24,000Estimated disposal costs: $2,000
Question 1: What is the amount of impairment loss to be recorded at 12/31/2020 assuming the asset is being held for sale?
Question 2: What is the amount of impairment loss to be recorded at 12/31/2020 assuming the asset is being will be held for use in the future
Question 3: How much impairment loss or loss recovery would be recognized at 12/31/2021?
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