Questions 1 (25 points) 1. On 1 January 20xo, Company MNO acquired a machine at a cost of 11,400,000, with estimated useful life of 12 years and no residual value. The Company uses a straight-line method depreciation. At the end of year 20X1, there was an indicator of assets impairment. The management tested for impairment and the result revealed the following: FV, net of cost of disposal 7,900,000 Value in use 8,925,000 (1) Calculate an impairment loss of assets (if any) at end of 20x1. (2) Prepare the journal entries (if any) to record the impairment loss at end of 20x1. (3) Calculate depreciation expense for 20X2 and 20X3. (4) Recoverable amo of the machine at end of year 20X3 is 7,000,000. Prepare the journal entry (if any) to record/reverse impairment loss