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On 1 January 20X1 Court Co purchased an asset for $100 000 with a useful life of 10 years. The asset is depreciated on a straight-line basis. On 31 December 20X2, due to some impairment indicators an impairment review was carried out and the recoverable amount of the asset was estimated to be $50 000. An impairment loss of $30 000 was recognised. The total life of the asset remained unchanged.
Problem 1: At 31 December 20X4 the recoverable amount of the asset was estimated to be $70 000. What amount is recognised as income in the statement of profit or loss in respect of the reversal of the impairment of this asset in the year ended 31 December 20X4?
A $20 000
B $22 500
C $32 500
D $70 000
Financial Statement Analysis and Preparation
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