Illustrate what is amount of impairment loss under us gaap

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Reference no: EM13130455

The following information was taken from the fixed asset records of Klein Inc., as of December 31, 2007:

Carrying Value: $100,000
Selling Price: $85,000
Cost of Disposal: $3,000
Expected Future Cash Flows: $75,000
Present Value of Expected Future Cash Flows: $63,000

I) Using IAS 36, what is the amount of Impairment Loss?

II) What is the amount of Impairment Loss under US GAAP?

III) Using IAS 36, what is the recoverable amount?

Reference no: EM13130455

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