Ayayai Ltd. reviews its assets every fiscal year for potential asset impairments. In the current year Ayayai realizes through its impairment assessment that a specialized machine has a recoverable amount of $360200. This asset carries a cost of $887000 and up-to-date accumulated depreciation of $552600. 

What amount would be reported as an impairment loss on their current income statement at year end?

Answer rating: 100% (QA)

To calculate the impairment loss on the specialized machine we need to compare its carrying ... View the full answer