Lina Ltd purchased equipment on 1 April 2017 for $56 000. The purchased equipment has an estimated useful life of 8 years, and the entity uses the straight-line method for depreciation.

On 31 March 2019, Lina Ltd switched to the revaluation model for its equipment. At this date, the fair value of the equipment above was assessed to be $45 000.

On 31 March 2020, at this date, the fair value (FV) of the equipment above was assessed to be $33 500.

Required:

(i) Prepare financial statements, related to the purchased equipment above, for Lina Ltd for the years ended 31 March 2019, and 31 March 2020. Show your workings.

(ii) Determine the carrying amount of the equipment, as at 31 March 2019 and 31 March 2020, if Lina Ltd had notchanged to the revaluation model.

(iii) Assume, as at 31 March 2020, that the FV of $ 33 500 equals the recoverable amount under the cost model. Determine the amount of the impairment loss as at 31 March 2020. Show your workings