Question 2 (20 marks) KOL Limited purchased a machine on 1 January 2018 at $500,000. It has an expected useful life of 5 years and an estimated salvage value of $50,000. It is also expected that the machine can run for 30,000 hours. For the year ended 31 December 2018, KOL has used the machine for 4,000 hours. KOL has another equipment with the following data on 31 December 2018 Cost $260.000 Carrying amount $200,000 Fair value less costs to sell $180,000 Value-in-use $175,000 KOL has a shop in which it carries out retail business. In the year ended 31 December 2018, it had a sale of $79,644 and net income of $5,584. The carrying amount of the shop on 31 December 2018 was $125.717. e. Discuss when a company should perform an impairment review for a long-lived tangible asset, and when it is impaired. (3 marks) 1. Determine the impairment loss for the equipment on 31 December 2018 (3 marks) For part g, h and i, round to 3 decimal places. 9. Compute the asset turnover for the shop. (2 marks) h. Compute the profit margin on sales for the shop. (2 marks) 1. Compute the return on assets for the shop. (2 marks)