An asset costing $100,000 was purchased on January 1, 2001 and has an economic useful life of 10 years. On January 1,2003 it was revalued to $150,000. On January 1,2005 it estimated that the recoverable amount of the asset was only $100,000. How should this be treated in the financial statements for the year ended December 31,2005? 8 marks At January 1, 2007 a fixed asset had a carrying value of $200,000 based on its revaluation and a depreciated historic cost of $10,000. An impairment loss of $12,000 arose for the year ended 31 December, 2007. How should this loss be reported in the financial statement for the year ended 31 December 2007 ? (6 marks) Extracts from the financial statements are required as part of your response (4 marks)