Balloon Ltd (Balloon) purchased an item of equipment on 1 July 2015 for $2 million. At that time the useful life of the equipment was assessed to be 10 years, with no residual value. Balloon applies the cost model to its equipment. On 30 June 2020 the recoverable amount of the equipment was assessed to be $900,000. Accordingly, an impairment loss of $100,000 was recognised. The useful life of the equipment remained at five years. On 30 June 2023 (three years later) the same equipment's carrying amount is $360,000 and its recoverable amount is $450,000. On 30 June 2023, Balloon should recognise: an impairment reversal of $10,000 an impairment reversal of $90,000 an impairment reversal of $40,000 Onil, because the recoverable amount of the asset exceeds its carrying amount