Financial Reporting (Answer is require immegiately)

Q.No.3: On 1st January, 2017 a company purchased for Rs. 480,000 a machine with an estimated useful life of 20 years and an estimated zero residual value. Depreciation is on a straight-line basis. The asset had been re-valued on 1st January, 2019 to Rs. 500,000, but with no change in useful life at that date. On 1st January 2020 an impairment review showed the machines recoverable amount to be Rs. 200,000 and its remaining useful life to be 10 years. (Marks 10)

Required:

a) The carrying amount of the machine on 31st December, 2018 and hence the revaluation surplus arising on 1st January ,2019.

b) The carrying amount of the machine on 31st December 2019 (immediately before the impairment).

c) The impairment loss recognised in the year to 31st December 2020.

d) The depreciation charge in the year to 31st December, 2020