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At beginning of 2018 ,Li inc acquired a machine with an estimated useful of 5 years at $500,000 (with no residual value). After the receipt
At beginning of 2018 ,Li inc acquired a machine with an estimated useful of 5 years at $500,000 (with no residual value). After the receipt of the machine 4 days later, Li inc decided to sell it. The planned disposal fulfilled the criteria of noncurrent asset held for sale and the fair value less estimated costs to sell is same as cost. On January 3, 2019, the company cancelled its plan and use the machine for its own purpose. At that date, the recoverable amount of such machine is estimated to be $420,000. The adjustment to be recorded in Li inc 2019 income statement related to this is
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