Question 18 CBA Ltd has a year end of 31 December and operates a factory which makes component for smart phones. It purchased a machine on 1 July 2017 for $80,000 which had a useful life of ten years and is depreciated on the straight-line basis, time apportioned in the years of acquisition and disposal. The machine was revalued to $81,000 on 1 July 2018. There was no change to its useful life at that date. A fire at the factory on 1 October 2020 damaged the machine leaving it with a lower operating capacity. The accountant considers that the company has to recognize an impairment loss in relation to this damage. The accountant has ascertained the following information at 1 October 2020: (1) The carrying amount of the machine is $60,750. (2) An equivalent new machine would cost $120,000. (3) The machine could be sold in its current condition for a gross amount of $53,000, dismantling costs would amount to $1,200. (4) In its current condition, the machine could operate for three more years which gives it a value in use figure of $42,615. What is the total impairment loss associated with CBA Ltd's machine at 1 October 2020? $nil A B $17,750 $8,950 $15,750 D