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If you write by hand, make sure the handwriting is clear, thank you Entity...

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Accounting

imageIf you write by hand, make sure the handwriting is clear, thank you

Entity A is a listed company in Hong Kong. It owns a plant with carrying amount in the statement of the financial position is $689,000. Entity A has just received an offer of $560,000 from Entity B in Taiwan interested in buying the plant. The present value of the estimated cash flows from the continued use of the plant is $520,500. The estimated cost of shipping the plant to Taiwan is $2,560. REQUIRED: According to the relevant accounting standards, measure the impairment loss to be recognised on the plant. ANSWER: The impairment loss = $

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