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As at 31 March 2020 Sam Co's machinery in its statement of financial position was: Machinery at cost (useful life 15 years): 5 million Depreciation
As at 31 March 2020 Sam Co's machinery in its statement of financial position was: Machinery at cost (useful life 15 years): 5 million Depreciation value should be accounted for 3 million per year. On 1 December 2020, Sam Co decided to sell the machinery. The machinery is being marketed online at a price of 2.2 million, which was considered a reasonably achievable price at that date. The expected costs to sell have been agreed at 0.2 million. Recent market transactions suggest that actual selling prices achieved for this type of machinery in the current market conditions are 10% less than the price at which they are marketed. At 31 March 2021 the machinery has not been sold. The machinery should be reported in Sam Co's statement of financial position at million as at 31 March 2021?
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