[haseenahr15]

Hello.
I have a question.
Sam Ltd aquired non current assets on 1 Jan 20X1 at a cost of $30 000. At that date, the asset had an estimated useful life of ten years. Sam does not revalue this type of asset, but accounts for it on the basis of depreciated historical cost. At 31 Dec 20X2, the asset was subject to an impairment review and had a recoverable amount of $16 000.

At 31 Dec 20X5 , the impairment was reversed and now the recoverable amount is $40000.

What will be the entries for the reversal of impairment loss?

In my calculations, I got $8000 impairment loss.

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