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PART A Comp X Limited operates a factory which makes computer chips for mobile phones. It purchased a machine on 1 July 2017 for R80 000 which had a useful life of ten years and is depreciated on the straight-line basis. The machine was revalued to R81 000 on 1 July 2020 and there was no change to its useful life at that date. A fire at the factory on 1 October 2020 damaged the machine leaving it with a lower operating capacity. The accountant considers that Comp X Limited will need to recognise an impairment loss in relation to this damage. The accountant has ascertained the following information on 1 October 2020 : (1) The carrying amount of the machine is R60 750. (2) An equivalent new machine would cost R90 000. (3) The machine could be sold in its current condition for a gross amount of R45 000. Dismantling costs total an amount of R2 000 . (4) In its current condition, the machine could operate for three more years which gives it a value in use figure of R38 685 . What is the total impairment loss associated with Comp X Limited's machine on 1 October 2020? PART B As at 30 September 2019 Damasque's property in its statement of financial position was: Property at cost (useful life 15 years) R45 million Accumulated depreciation R6 million On 1 April 2020, Damasque Limited decided to sell the property. The property is being marketed by a property agent at a price of R42 million, which was considered a reasonably achievable price at that date. The expected costs to sell have been agreed at R1 million. Recent market transactions suggest that actual selling prices achieved for this type of property in the current market conditions are 10% less than the price at which they are marketed. At 30 September 2020 the property has not been sold. At what amount should the property be reported in Damasque's statement of financial position as at 30 September 2020 ? (7)

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