what is the impairment loss for collier company under ifrs 372085

1.The information provided below is related to equipment owned by Collier Company at December 31, 2012:  Cost                                                                                       $7,500,000  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 IFRS? 2. Jones Company purchased a building on January 1, 2007 for $15 million. As of December 31, 2010 the accumulated depreciation on the building was $4 million.  Assuming Jones Company intends to revalue the building to its current fair value of $18 million, by what amount should the company credit its revaluation surplus? 3. On January 1, year 1, an entity acquires for $100,000 a new piece of machinery with an estimated useful life of 10 years. The machine has a drum that must be replaced every five years and costs $20,000 to replace. Continued operation of the machine requires an inspection every four years after purchase; the inspection cost is $8,000 and it is treated as a separate significant component of the machinery. The company uses the straight line method of depreciation. Compute the depreciation expense in year one under IFRS. 4. Jeffers Company purchased inventory for $10,000. The current cost to replace the inventory is $9,300. The company estimates it can sell the inventory for $9,700 but will have to spend $300 to complete the inventory. The company’s normal profit margin is 12%. How much would the company need to write down the inventory assuming it follows IFRS.  5. On January 1, 2006, Thompson Company purchased…