A depreciable asset was purchased on 1 January 20X1 at a cost of N$100 000. It is depreciated over a 5-year useful life to a residual value of nil. At 31 December 20X1, it has a recoverable amount of N$72 000. At 31 December 20X2, its recoverable amount is N$55 000.
(Choose one correct option only)

Question

A depreciable asset was purchased on 1 January 20X1 at a cost of N$100 000. It is depreciated over a 5-year useful life to a residual value of nil. At 31 December 20X1, it has a recoverable amount of N$72 000. At 31 December 20X2, its recoverable amount is N$55 000. 
 (Choose one correct option only)

Answer

At 31 December 20X1, an impairment loss of N$8 000 will be processed. At 31 December 20X2, an impairment loss reversal of N$1 000 will be processed

Answer

At 31 December 20X1, an impairment loss of N$8 000 will be processed. At 31 December 20X2, no journal will be processed as the impairment may not be reversed.

Answer

None of the options are correct

Answer

At 31 December 20X1, an impairment loss of N$3 000 will be processed. At 31 December 20X2, a further impairment loss of N$17 000 will be processed

Answer

At 31 December 20X1, an impairment loss of N$8 000 will be processed. At 31 December 20X2, a further impairment loss of N$17 000 will be processed

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A depreciable asset was purchased on 1 January 20X1 at a cost of N$100 000. It i...

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