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n 1 July 2014, Atropos Company purchased a depreciable asset at a cost of $1.2 million. The asset had an estimated useful life of 12

n 1 July 2014, Atropos Company purchased a depreciable asset at a cost of $1.2 million. The asset had an estimated useful life of 12 years and was depreciated on a straight-line basis. The recoverable amounts of the asset were as follows:

ear ended 30 June Recoverable amount
2015 $1 000 000
2016 900 000
2017 800 000
2018 850 000

Indicators of impairment were identified on 30 June 2015, 2016 and 2017, while indicators of a reversal of impairment were found on 30 June 2018. The asset was sold on 1 July 2018 for $860 000.

Assuming that the company adopts the cost model for accounting for non-current assets and complies with AASB 116 Property, Plant and Equipment and AASB 136 Impairment of Assets, show the general journal entries for the asset from 1 July 2014 to 1 July 2018.

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