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Find whether an impairment loss needs to be recognized

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Reference no: EM132968141

Easy-going company acquired some Plant at a cost of $1.5million. As at 30 June 2014 the plant had accumulated depreciation of $250 000. On 30 June 2014 it was determined that the plant could be sold for a price of $800 000 and the costs associated with making the sale would be $40 000. The value in use is 738,000.

Required:

Problem 1: Determine whether an impairment loss needs to be recognized in relation to the machinery and, if so, provide the appropriate journal entry.

Reference no: EM132968141

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