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On 31/12/2019 ALIS Company has equipment with initial cost of $70,000 and accumulated depreciation of $25,000 and accumulated impairment losses from previous periods was $3,000
On 31/12/2019 ALIS Company has equipment with initial cost of $70,000 and accumulated depreciation of $25,000 and accumulated impairment losses from previous periods was $3,000. At the same time the company computed the value in use with amount of $38,000 and the fair value was .not determine because of there is no active market Required: compute the carrying amount for this equipment
Expert Solution
Computation of carrying amount of equipment for 31/12/2019.
Carrying amount of equipment :
= Initial cost - Accumulated depreciation - Impairment of asset.
= $ 70,000 - $ 25,000 - $3000 = $ 42,000
Carrying amount of equipment for 31/12/2019 = $42,000.
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