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Price Plc acquired some machinery at cost Rs16 million on 1st January 2018. The asset had a useful life of 10 years and a scrap value of Rs1,000,000 at end. Straight line method is used to calculate depreciation. The company's engineer tests the machine for impairment to determine its recoverable amount when the accumulated depreciation was Rs 3m. On 31st December 2020, it was determined that the asset could be sold for Rs 9.5 m and the related disposal costs around Rs 1m. Alternatively, the asset is now expected to be useful for another 5 years and the annual cash flows would be Rs2.4m till the end of its useful life when its disposal value will be Rs 0.8m. It is assumed that all cash flows occur at the end of the year. The present value interest factor for one rupee discounted at 7% for year-five may be taken to be 0.713. In addition, the present value interest factor for a one rupee annuity discounted at 7% for five years may be taken to be 4.1002 Required: (a) Determine the recoverable amount of the machine. | (b) Calculate the impairment loss on the machine at the end of 2020. (c) Journalize the impairment loss and derive the carrying amount of the machine after recording the loss. (d) Impairment of Assets applies to PPE, Investment property, intangibles and goodwill. Explain why companies should cany such impairment