Impairment of an individual asset LO3, 4 On 1 July 2020 an item of equipment is
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Impairment of an individual asset LO3, 4 On 1 July 2020 an item of equipment is acquired at a cost of $3 million. The asset is to be depreciated using the straight‐line method on the basis of an estimated useful life of 15 years and a negligible residual value. On 30 June 2023 it is determined that the asset has a value in use of $2 million and a fair value of $1.8 million before costs of disposal of $50 000. The remaining useful life of the asset is reassessed to be 8 years. On 30 June 2025 it is determined that the asset has a value in use of $1.2 million and a fair value of $1.1 million before costs of disposal of $50 000. The remaining useful life of the asset is reassessed to be 5 years. Required Prepare the journal entries for any depreciation and impairment adjustments on the following dates. 1. 30 June 2020 2. 30 June 2022 3. 30 June 2023
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