Antique Bhd acquired a machine costing RM 5 0 0 , 0 0 0 on 1 January
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Question:
Antique Bhd acquired a machine costing RM on January The estimated useful life of the machine was years with scrap value RM The company adopted cost model in valuation of its machine. On January the economic performance of the machine was below expectation. The company estimated that it can sell the machine for RM but it has to incur costs of RM While, if Antique Bhd continue to use it the value in use present value was RM
a Determine the recoverable amount
b Prepare the journal entries to record the above transactions for the year ended
December
Related Book For
Intermediate accounting
ISBN: 978-0077647094
7th edition
Authors: J. David Spiceland, James Sepe, Mark Nelson
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