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Part B: Calculation Questions and Journal Entries (25 marks) Question 1 - (7 marks) In 2014 Raju decided to start U-Delivery Ltd a trucking business in Sydney delivering frozen food to regional centres in New South Wales. On 1 July 2017, U-Delivery acquired a truck for use in its delivery services business. U-Delivery has provided you with the following information relating to its acquisition of the truck: Cost at acquisition date: 1 July 2017 Estimated useful life: $3,600,000 10 years $600,000 Expected residual value: Depreciation method: straight-line basis over its useful life Straight-line Carrying amount: 30 June 2019 $3,000,000 At the end of the 2019 reporting period the annual review of all trucks found that this particular item of truck had incurred significant damage because of harsh road condition in regional New South Wales. Raju used an external firm of Actuaries to provide the fair values of its truck's. The actuaries as a result of the damage, estimated the fair value less costs of disposal of the equipment at the end of the reporting period as follows: Annual review end of the 2019, fair value less costs of disposal $1,800,000 Expected annual net cash flows next 8 years $310,500 Expected residual value Unchanged The management of U-Delivery and the actuaries uses a discount rate of 10 per cent for calculations of this kind. REQUIRED: 1. Determine whether U-Delivery has incurred an impairment loss in relation to the asset. If so, determine the amount of the impairment loss, and provide the journal entry necessary to recognise any impairment in the truck. (7 marks)