5. An independent appraiser provides the following information on the value of a High Pressure Water Turbine owned by XYZ Corp: Fair Value: $ 20,000,000 Costs to Sell Turbine: $500,000 Value in use: $19,000,000 Net Carrying Amount: $19,000,000 If the company reports under IFRS standards, what will be the amount of impairment loss that XYZ will need to record on its income statement related to the turbine?
5. An independent appraiser provides the following information on the value of a High Pressure Water Turbine owned by XYZ Corp: Fair Value: $ 20,000,000 Costs to Sell Turbine: $500,000 Value in use: $19,000,000 Net Carrying Amount: $19,000,000 If the company reports under IFRS standards, what will be the amount of impairment loss that XYZ will need to record on its income statement related to the turbine?
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Ma3.
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Transcribed Image Text:5. An independent appraiser provides the following information on the value of a High Pressure Water Turbine
owned by XYZ Corp:
Fair Value: $ 20,000,000
Costs to Sell Turbine: $500,000
Value in use: $19,000,000
Net Carrying Amount: $19,000,000
If the company reports under IFRS standards, what will be the amount of impairment loss that XYZ will need to
record on its income statement related to the turbine?
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