Goanna Ltd manufactures telecommunications equipment and is listed on the Australian Securities Exchange. It has its head office in Adelaide. In October 20X1, Goanna Ltd acquired a piece of equipment for use in its manufacturing operations. After acquiring the equipment, the company undertook some minor modifications to it to optimise its use in their operations. In March 20×2 the equipment was integrated into operations by working in combination with other equipment that the company had already installed ready for use. The following information that has been determined by the by the entity at 30 June 20×3: The fair value of similar equipment, adjusted for differences as a result of customisation ranges from $85,000 to $90,000 The estimated cost of constructing or purchasing and modifying the equipment that would be similar to the current equipment in terms of physical condition and utility and other related environmental, market and manufacturing considerations is between $80,000 and $95,000. Required: Refer to the guidance provided in AASB 13, Appendix B para B2 and discuss the process of valuing the equipment in accordance with the requirements of AASB 13: Fair Value Measurement that as at 30 June 20×3
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