On 30 June 2018, an item of machinery had a carrying amount of $300,000 (current depreciation for the year has been provided). The machinerys cost at acquisition was $500,000 at which time its estimated useful life was 10 years with no residual value. On 30 June 2018, the same item of machinery was assessed as having a recoverable amount of $240,000 with a remaining useful life of 6 years.

On 30 June 2022, the machinery was assessed as having a recoverable amount of $110,000 and a remaining useful life of 2 years.

All machinery is carried under the cost model.

On 30 June 2022, the entity should recognise: