Assessment Details (3) On 31 December 2019, the recoverable amount AARdtopa Limited is purchasing a drone gap ta#wu for $1m on 1 July 2019 financed by a bank loan. After reviewing the businass purchase contract and the balance shaat of tha seller of thabusiness vou detarmine that your client is acquiring t eller of the patent was $60,000, and theipxentorx acquired as part of the purchase has no retail value as it was damaged by a flood in December 2019 the following assets from the Factory Refer plant& to the specific paragraphs in the Australian standards for depreciation, amortisation, Asset Cost Caying Amount Fair valus Inventory equipment Patent impairment and inxentoyand 20,0001,500,000 100,000 (4) Aerodrone Limited adopts the revaluation method for its Factory Plant & Equipment from 1 July 2020. Due to the development of new digital technologies in the drone industry, the fair value has decreased to $500,000 while its value-in-use was estimated to be much higher Explain "FairValue" and "Value-in-Use. Based on the Concep which measurement basis to use. 20,000 1,000,000 80,000 20,000 800,000 80,000 useful life at 1/7/2019 10 tual Framework, recommend Aandronelimited has been quotad legal costs associated with the purchase totalling $2,000 which will be invoiced and paid on 1 July 2019 You are askad to presant your advice in the following format: (1) Provide a short in troduction. (2) Provide and explain the joumal en tries for the business purchase on 1 July 2019. Refer to specific paragraphs in Australian accounting standards