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Y Ltd. purchases a machine for $60,000. At the end of the current year, Y Ltd. appraises the fair value of the machine $70,000 plus

Y Ltd. purchases a machine for $60,000. At the end of the current year, Y Ltd. appraises the fair value of the machine $70,000 plus or minus 5%. Explain what aspects need to be taken into consideration in measurement of the machine in the financial statement with regards to relevance and faithful representation.

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