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Find and provide journal entry for impairment loss at june

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Reference no: EM132752577

Robin Ltd reported the following information in its statement of financial position at 30 June 2022.

Cash $30,000

Inventories $85,000

Plant $325,000

Accumulated depreciation ---plant- $75,000

Intangible assets $150,000

Accumulated amortisation- $50,000

Land $150,000

Liabilities $74,000

Net assets $540,000

  • At 30 June 2022, Robin Ltd analysed the internal and external sources of information that would indicate deterioration in the worth of its assets. It determined that there were indications of impairment. Robin Ltd calculated the recoverable amount of the assets to be $490 000. The fair value of land less the cost of disposal is $120,000. (Robin Ltd can be treated as a cash-generating unit for impairment test purpose).

Required

Problem 1: Provide the journal entry for any impairment loss at 30 June 2022 with the detailed computation

Reference no: EM132752577

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