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Q2. a. Explain impairment of long-lived tangible. b. The accountant of X. Ltd conducted an impairment test on a machinery. The carryin g amount of

Q2. a. Explain impairment of long-lived tangible.

b. The accountant of X. Ltd conducted an impairment test on a machinery. The carrying amount of machinery was SAR 195,000, its fair value less costs to sell is SAR 170,000, and its value-in-use is SAR 165,000. Is there impairment or no impairment on machinery? If impairment exists what would be the journal entry. (2 Mark)

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