Question: Show complete solutions as to why the final answer is 1,530,000. On January 1, 2021, Effy Company purchased equipment with a cost of 11,200,000, useful

Show complete solutions as to why the final answer is 1,530,000.

On January 1, 2021, Effy Company purchased equipment with a cost of 11,200,000, useful life of 10 years and no residual value. The entity used straight line depreciation. On December 31, 2021 and December 31, 2022, the entity determined that impairment indicators are present. There is no change in the useful life or residual value. What amount should be recognized as impairment loss for 2021

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