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Question - Rainier Ltd reported the following assets in its statement of financial position at 30 June 2022.
Information Technology (IT) network $116,000
Land 290,000
Plant 960,000
Accumulated Depreciation - Plant (384,000)
Goodwill 32,000
Patent 255,000
Accumulated Amortization - Patent (102,500)
Cash 12,000
Inventory 80,000
Receivable 40,000
1,299,000
Liabilities (189,000)
Net Assets 1,110,000
Rainier Ltd's management undertook impairment testing at 30 June 2022 and determined the recoverable amount of Rainier to be fair value less costs of disposal $1,215,000 an value in use $1,100,000.
Required -
1. Calculate impairment loss and allocation of impairment loss.
2. Prepare the journal entry for any impairment loss at 30 June 2022.
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