IN the statement of financial posiition at 30 june 2020,Arrow ltd recorded the following assests(note,arrow...
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Accounting
IN the statement of financial posiition at 30 june 2020,Arrow ltd recorded the following assests(note,arrow ltd acccounts for all non-current assests under the cost mode;)
patetnt $240,000
land 300,000
plant 620,000
accumulated depreciation (340,000)
inventory 180,000
cash and cash equivalents 120,000
recivables 100,000
machinery 800,000
accumulated depreciation (240,000)
the recoverable amount of the entity was calculated to be $1660,000. the fair value less cost of disposal of the land was $280,913
Prepare the analysis and necessary journal entry,with narrations,for any impairment loss at 30 june 2020.show all workings
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