OBJECTIVES 1. Describe the critical role of international perspectives in the application of accounting. 2. Discuss the need for the creation of uniform accounting standards of international application. ABC Co. reported an impairment loss of $65,000 for the year ended December 31, 2019. On December 31, 2020, the asset's recoverable amount increased by $30,000. The current book value is $100,000 less than it would have been if the asset had not been impaired. The recoverable amount do not exceed the original book value as if the asset was not impaired. Required: Answer the following question. 1. How much loss can be recovered? $ (10 points) 2. Explain: (10 points) Show the computations. You must show the computations to receive the score