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Question - ABC Ltd revealed the following assets in its statement of financial position at 30 June 2019:
Plant $800,000
Accumulated depreciation (240,000)
Land 300,000
Patent 240,000
Office equipment 620,000
Accumulated depreciation (340,000)
Inventory 220,000
Cash and cash equivalents 180,000
Goodwill on acquiring DEF Ltd 50,000
$1,830,000
The recoverable amount of the entity was calculated to be $1,660,000. The fair value less costs of disposal of the land was $280,913.
Required -
(1) Calculate the allocation of impairment loss at 30 June 2019;
(2) Prepare the journal entries with narration to recognise that impairment loss.
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