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Question - Green Island Limited operates a unit that suffers a massive drop in income due to the failure of its technology on 1 January 2015. The following carrying values were recorded in the books immediately prior to the impairment:
Assets Value ($)
Goodwill 160,000
Technology 40,000
Brands 80,000
Land 400,000
Buildings 240,000
Other net assets 320,000
The recoverable value of the unit is estimated at $560,000. The technology is worthless, following its complete failure and one Brand for $24,000 suffered a loss of $8,000. The other net assets include inventory, receivables and payables. It is considered that the book value of other net assets is a reasonable representation of its net realizable value.
Required - Calculate the carrying amounts of the assets above at 31 January 2010 after applying any impairment losses.
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