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Hope owns a car that was involved in an accident at the year-end. It is...

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Accounting

Hope 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 $100 000. 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 $300 000. The opening carrying value was $800 000 and the car was estimated to have a life of eight years from the start of the year. Identify the recoverable amount of the car and any impairment required.

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