ACC1207 Case 3 30 Marks Answer all cases. Each case is worth 10 marks (a) Sullivan Company acquired a depreciable asset on 1 July 2015 for $500 000. The asset was estimated to have a useful life of 10 years and was depreciated on a straight-line basis. Sullivan chose the cost model for accounting for assets in this class. Indicators of impairment have been identified for the reporting periods ending 2016 and 2018, while indicators for a reversal of impairment have been identified for the period ending 2017. The recoverable amounts of the asset on these dates were as follows: Year ended 30 June Recoverable amount 2016 $360000 2017 340000 V 2018 245000 The asset was sold for $235 000 on 31 December 2018. Required: Assuming that the company complies with AASB 116 'Property, Plant and Equipment' and AASB 136 'Impairment of Assets', show general journal entries relating to this asset between 1 July 2015 and 31 December 2018. Comment briefly on the above mentioned standards and its application to the journal entries