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MCS,PHD
Argosy University/ Phoniex University/
Nov-2005 - Oct-2011
Professor
Phoniex University
Oct-2001 - Nov-2016
2(b)It is 31 december 2012,the end of the finacail year and Jeremy ,the accountant of jacksons Pte Ltd,is reviewing the assests of the business.He found three of the assests that are likely to have an impairment loss,details are summarised below: Fair value less costs to sell $ Value in use $ Carrying amount $ Feeehold land,at fair value 15,000,000 12,000,000 18,000,000 Intangible assest,net of amortisation 5,000 4,000 7,000 Machinery,net of depreciation 3,600 9,500 8,000 The freehold land was previously revalued and is stated in the accounts with a revaluation surplus of $2,000,000. Assess the impairment loss and prepare the requried journal entries
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