Make the journal entry for any impairment loss at june

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Bow Ltd reported the following assets in its statement of financial position at 30 June 2015:

Plant $800 000

Accumulated depreciation (240 000)

Land 300 000

Patent 240 000

Office equipment 620 000

Accumulated depreciation (340 000)

Inventory 220 000

Cash and cash equivalents 180 000

$1 780 000

The recoverable amount of the entity was calculated to be $1 660 000. The fair value less costs of disposal of the land was $280 913.

Required

Problem 1: Prepare the journal entry for any impairment loss at 30 June 2015.

 

 

Reference no: EM132756837

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