Question 2 The following terms are mismatched with its definitions. Terms Definitions Carrying amount The higher of an asset's fair value less costs to sell and its value in use. Cost The cost of an asset, or other amount substituted for cost, less its residual value. Depreciable The amount by which the carrying amount of an asset exceeds its amount recoverable amount. Entity-specific The amount at which an asset is recognised after deducting any value accumulated depreciation and accumulated impairment losses. Fair value The amount of cash or cash equivalents paid or the fair value of the other consideration given to acquire an asset at the time of its acquisition or construction Recoverable The price that would be received to sell an asset or paid to amount transfer a liability in an orderly transaction between market participants at the measurement date. Residual value The present value of the cash flows an entity expects to arise from the continuing use of an asset and from its disposal at the end of its useful life or expects to incur when settling a liability. Impairment loss The estimated amount that an entity would currently obtain from disposal of the asset, after deducting the estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life. Required: Please match each terms to its correct definitions. (8 marks]