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Accounting

The information provided below is related to equipment owned by Collier Company at December 31, 2007.

Cost $5,000,000
Accumulated Depreciation 2,000,000
Expected future net cash flows (undiscounted) 3,000,000
Expected future net cash flows (discounted) 2,700,000
Fair value 2,500,000
Remaining useful life of asset 3 Years

What is the impairment loss for Collier Company under a) IFRS and b) US GAAP?

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M968468

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