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Question - Ben Ltd determined that its Singapore division is a cash-generating unit. The carrying amounts of the assets at 30 June 2020 are as follows;
Building: $380,000
Land: $270,000
Patent: $30,000
Goodwill: $50,000
Inventory: $20,000
As per the valuation of financial controller of Ben Ltd, the value in use of the Singapore division accounted to $625,000.
Required -
A. Determine the impairment loss?
B. The amount of impairment loss allocated to Building, Land, Patent, goodwill and inventory.
C. Journal entry to record allocated impairment loss to each asset?
Determine the total impairment loss of Land and Patent if the fair value less cost dispose of building is $350,000.
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