Question: Kaplan Co . purchased a machine on 1 / 1 / 2 0 1 0 for $ 6 0 , 5 0 0 . The

Kaplan Co. purchased a machine on 1/1/2010 for $60,500. The machine has a useful life of 10 years and a salvage value of $500. On 1/1/2015, Kaplan Co. took impairment for the machine and wrote it down to $30,000. Which of the following is NOT true?
Kaplan recognized $500 Loss on impairment.
The book value of the machine after the impairment on 1/1/2015 should be $30,000.
The book value of the machine right before the impairment was $30,500.
Kaplan recognized $300 Loss on impairment.

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