13 pts Obriens Ltd purchased a depreciable asset on 1 July 2019 for $650,000. The asset...

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13 pts Obriens Ltd purchased a depreciable asset on 1 July 2019 for $650,000. The asset has an estimated useful life of 5 years and is depreciated on a straight-line basis. Obriens Ltd chose the cost model for accounting for assets in this class. Indicators of impairment have been identified for the financial year ended 30 June 2021 and 30 June 2022. The recoverable amounts of the asset on 30 June 2021 and 30 June 2022 were $250,000 and $280,000 respectively. Required: Obriens Ltd adopts AASB 116: Property, Plant and Equipment and AASB 136: Impairment of Assets and show general journal entries relating to the asset for the financial year ended 30 June 2021 and 30 June 2022. Round the amounts to the nearest dollars. Edit View Insert Format Tools Table 12pt Paragraph BIUA 2 13 pts Obriens Ltd purchased a depreciable asset on 1 July 2019 for $650,000. The asset has an estimated useful life of 5 years and is depreciated on a straight-line basis. Obriens Ltd chose the cost model for accounting for assets in this class. Indicators of impairment have been identified for the financial year ended 30 June 2021 and 30 June 2022. The recoverable amounts of the asset on 30 June 2021 and 30 June 2022 were $250,000 and $280,000 respectively. Required: Obriens Ltd adopts AASB 116: Property, Plant and Equipment and AASB 136: Impairment of Assets and show general journal entries relating to the asset for the financial year ended 30 June 2021 and 30 June 2022. Round the amounts to the nearest dollars. Edit View Insert Format Tools Table 12pt Paragraph BIUA 2