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Prepare the journal entry that is required

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Question - On Jan 3 2010, hippo corp. which using IFRS purchased a machine for 600,000. The machine was being depreciated using the straight line method over an estimated useful life of 10 years with no residual value. On Jan 3, 2017 the company paid 150,000 to overhaul the machine. As the result of this improvement company estimated that the useful life of the machine would be extended an additional 5 years. (15 years total)

Required - What was the depreciation expense? On Dec 31, 2018 Hippo Corp concluded on impairment test for an asset using for the rational entity model. It was determined at the price the valuation in use is 315,000 and the fair value net cost to sell is 300,000. Prepare the journal entry that is required. If not explain why?

Reference no: EM132876005

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