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PLEASE SOLVE THE FOLLOWING BASED ON IAS 36 A company owns a car that was involved in an accident at the year end. It is

PLEASE SOLVE THE FOLLOWING BASED ON IAS 36

A company owns a car that was involved in an accident at the year end. It is barely useable, so the value in use is estimated at OMR 1,000. However, the car is a classic and there is a demand for the parts. This results in a fair value less costs to sell of OMR 3,000. The opening carrying value was OMR 8,000 and the car was estimated to have a life of eight years from the start of the year.

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