ABC Ltd purchased machinery on 1 July 2021 for

$160,000. The estimated useful life of the machinery is 8 years, with an

estimated residual of $10,000. The entity’s reporting period ends on 30 June,

and it uses the straight-line method of depreciation. On 30 June 2022, the

value in use was estimated to be $90,000 and the fair value less costs to sell

was $98,750. Based on this data, the impairment loss to be recorded on 30 June 2022

is: