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Problem 30-3 (IFRS) On January 1, 2020, Brandy Company owned a group of machines with the following aggregate cost and accumulated depreciation: Machinery Accumulated depreciation 90,000,000 25,000,000 The machines have an average remaining useful life of 4 years and it has been determined that this group of machines constitutes a cash generating unit. The fair value less cost of disposal of this group of machines in an active market is determined to be P48,000,000. Based on supportable and reasonable assumptions, the financial forecast for this group of machines reveals the following cash inflows and cash outflows for the next four years: Cash inflows Cash outflows 2020 30,000,000 12,000,000 2021 32,500,000 17,500,000 2022 27,500,000 12,500,000 2023 16,000,000 4,000,000 It is believed that a discount rate of 8% is reflective of time value of money. The table of present value shows the following present value of 1 at 8%: Period Present value of 1 930 .857 .794 DO to H .735 Required: 1. Determine the value in use. 2. Determine the recoverable amount. 3. Prepare journal entry to record the impairment loss, if any. 4. Prepare journal entry to record the depreciation for the current year. 879