Assume you are the accountant for an organisation and that managing director queries you about an item
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Assume you are the accountant for an organisation and that managing director queries you about an item of machinery that is shown in the financial statements at a cost of $200 000 less accumulated depreciation of $60 000. He tells you that you need to recognise more depreciation for the asset as he is convinced that the fair value of the machinery at the reporting date is only $110 000. How would you respond to his query?
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