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How much is the gain on the reversal impairment loss

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Reference no: EM132770084

Question - At the beginning of Year 1, a government entity acquires an intangible asset for 100,000. The intangible asset has a useful life of 10 years. At the end of Year 3, the entity determines an indication of impairment and makes the following estimates:

Fair value lest cost to sell 60,000

Value in use 50,000

At the end of Year 6, Entity A determines an indication that the previous impairment may no longer exist and makes the following estimates:

Fair value less costs to sell 32,000

Value in use 38,000

Required - How much is the gain on the reversal impairment loss?

Reference no: EM132770084

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