Rainier Ltd reported the following assets in its statement of financial position at 30 June 2022. The

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Rainier Ltd reported the following assets in its statement of financial position at 30 June 2022.

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The recoverable amount of the entity was calculated to be $$1$ 660 000. The fair value less costs of disposal of the land was $$280$ 913.

Required

Prepare the journal entry for any impairment loss at 30 June 2022.

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Financial Reporting

ISBN: 9780730396413

4th Edition

Authors: Janice Loftus, Ken Leo, Sorin Daniliuc, Belinda Luke, Hong Nee Ang, Mike Bradbury, Dean Hanlon, Noel Boys, Karyn Byrnes

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Question Posted: Apr 06, 2024 01:00 AM

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Rainier Ltd reported the following assets in its statement of financial position at 30 June 2022. The

Question:

Plant Accumulated depreciation Land Patent $ 800000 (240 000) 300 000 240 000 Office equipment 620 000 Accumulated depreciation (340 000) Inventories 220 000 Cash and cash equivalents 180 000 $1780000

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Carrying amount of assets 1 780 000 Recoverable amount 1 660 ...View the full answer

Financial Reporting

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