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Peter owned 100% of the equity share capital of Sharon, a wholly-owned subsidiary. The assets at the reporting date of Sharon were as follows:
Goodwill 2,400
Buildings 6,000
Plant and equipment 5,200
Other intangibles 2,000
Receivables and cash 1,400
Total 17,000
Point 1: On the reporting date a fire within one of Sharon's buildings led to an impairment review being carried out. The recoverable amount of the business was determined to be $9.8 million. The fire destroyed some plant and equipment with a carrying value of $1.2 million and there was no option but to scrap it.
Point 2: The other intangibles consist of a licence to operate Sharon's plant and equipment. Following the scrapping of some of the plant and equipment a competitor offered to purchase the patent for $1.5 million. The receivable and cash are both stated at their realisable value and do not require impairment.
Required:
Question 1: Show how the impairment loss in Sharon is allocated amongst the assets.
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