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Dalmation Ltd has one cash generating unit (CGU). At 30 June 20X1, the CGU included the following assets:
Plant $ 400,000
Accumulated depreciation plant (200,000)
Land 610,000
Goodwill 33,000
Inventory 220,000
Cash 60,000
At 30 June 20X1, Dalmation Ltd determined the recoverable amount of the assets in the CGU to be $940,000. The inventory's fair value less costs of disposal is equal to its carrying amount.
Required:
Problem 1: Calculate the amount of impairment loss for the CGU that would be determined and prepare the journal entries in accordance with the requirements of AASB 136: Impairment of Assets. Do not include any spaces, commas, dollar signs or decimals in your answer.
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