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Problem 1: An asset, owned by XYZ, which cost £200,000 on 1 January 2016 is being depreciated on the straight-line basis over five-year period with no residual value. XYZ adopts the cost model to value the asset. XYZ has conducted an impairment review at 31 December 2017 and estimates that the asset will generate £40,000 net cash flow per year over the rest of its useful life. The discount rate is 10%. XYZ also estimates that the asset could be sold on 31 December 2017 for £110,000. Disposal costs would be £10,000. Which of the following statement relating to the reporting period ending at 31 December 2017 is correct?
Select one:
a. None of the answer choices are correct.b. The value in use of the asset is £100,000.c. The recoverable amount is £99,474.d. The carrying amount of the asset is £160,000.e. The impairment loss is £20,000.
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