An entity owns a car that was involved in an accident at the year end....
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An entity owns a car that was involved in an accident at the year end. It is barely useable, so the value in use is estimated at $ However, the car is a classic and there is a demand for the parts. This results in a fair value less costs to sell of $ The opening carrying amount was $ and the car was estimated to have a life of eight years from thestart of the year. Identify the recoverable amount of the car and any impairmentrequired.
An entity owns a car that was involved in an accident at the year end. It is barely useable, so the value in use is estimated at $ However, the car is a classic and there is a demand for the parts. This results in a fair value less costs to sell of $ The opening carrying amount was $ and the car was estimated to have a life of eight years from thestart of the year. Identify the recoverable amount of the car and any impairmentrequired.
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