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Waterford Company has a Robot which cost $60,000 on 1 January 2018. The Robot has a 10 year useful life with a Residual Value

 

Waterford Company has a Robot which cost $60,000 on 1 January 2018. The Robot has a 10 year useful life with a Residual Value of $10,000. On 1 January 2021, the Fair Value of the Robot is $31,000 with costs to sell of $1,000. The Value in Use of the Robot is $25,000. The remaining useful life of the Robot on 1 January 2021 is 4 years. The company uses straight line deprecation for all Robots and assumes a residual value of zero. Q13 Based on the information provided, what is the Carrying Amount of the Robot on 1 January 20212 Q 14 What is the Loss on Impairment on the Robot on 1 January 2021? Q 15 What is the total Accumulated Depreciation on the Robot on 31 December 2021?

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