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What is the recoverable amount of the building

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Question - Following an impairment review carried out by the management of Starr Company Ltd., the following information relates to a building, which was part of the impairment review. The entity holds its buildings at re-valued depreciated cost:

Revalued Cost 250,000

Accumulated depreciation 75,000

Revaluation Reserve 15,000

Value in Use 150,000

Fair value 125,000

Selling costs 4,500

Required -

1: What is the recoverable amount of the building?

2: What is the amount of impairment following the review?

3: What should be the carrying value of the building following the review?

4: What should be the debit entry or entries to account for the impairment?

5: What should be the credit entry or entries to account for the impairment?

Reference no: EM133085038

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