QUESTION 1 On 1 July 2012, Goldwell Ltd acquired land for 3 000 000 and machinery for 2 000 000. Goldwell Ltd uses cost model to account land and revaluation model to account for machinery. Goldwell Ltd depreciated the machinery over its useful life of four years, using straight-line method. Disposal value at the end of useful lifetime was assessed as zero. The following information concerning the asset measurement was available Detail Fair Value Cost of Disposal Value in Use 30 June 2013 Land 2 400 000 2 500 000 200 000 Nil Machinery 2 200 000 Nil 30 June 2014 2 400 000 Land 2 400 000 $150 000 Machinery $1 400 000 Nil Nil 30 June 2015 3 200 000 Land 2800 000 200 000 Machinery 600 000 Nil Indicators of impairment and/or reversal of impairment existed at relevant dates for land only