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Aero Ltd has determined that its aviation division is a cash-generating unit (CGU). Information as at 30th June 2020 is as follows:
Buildings - At cost 600,000
Equipment - At cost 500,000
Inventory 25,000
Land 250,000
Receivables 150,000
Goodwill 90,000
Total 1,615,000
Additional information:
Required:
Question a) Calculate the impairment loss as at 30 June 2020:
Question b) Prepare a table as provided below to allocate the above impairment loss:
ASSETS Carrying amount Proportion Loss allocated Adjusted carrying amount Totals
Question (c) Prepare a general journal (as per template below) to record the above impairment loss for the year ended 30 June 2020. Include a narration General Journal template: Date Details Debit ($) Credit ($)
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