Norbeck Company Limited has a year end of 31 December and operates a factory which makes computer chips for Mobile Phones. It purchased a machine on 1 January 2013 for $300,000 which had a useful life...

 Norbeck Company Limited has a year end of 31 December and operates a factory which makes computer chips for Mobile Phones.

It purchased a machine on 1 January 2013 for $300,000 which had a useful life of ten years and is depreciated on the straight-line basis.      The estimated scrap value of the machine is $15,000.  The machine was revalued to $270,000 on 31 December 2015.

There was no change to its useful life at that date.      A fire at the factory on 31 December 2016 damaged the machine leaving it with a lower operating capacity.     The Accountant believes the company should recognize an impairment loss in relation to this damage.   The Accountant provides the following estimates:

An equivalent machine would cost $550,000

The damage machine can be sold in its current position for $130,500

Calculate the carrying value of the machine at 31 December 2016