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Miles Ltd has two divisions, Jericho and Jackson. Each of these is regarded as a separate cash-generating unit. At 31 December 2009, the carrying amounts of the assets of the two divisions were:
The receivables were regarded as collectable, and the inventory's fair value less costs to sell was equal to its carrying amount. The patent (Jericho) had a fair value less costs to sell of $220.
Miles Ltd undertook impairment testing at 31 December 2009, and determined the value in use of the two divisions to be: Jericho $1,044, Jackson $990.
Required: Prepare the journal entries for Miles Ltd in relation to the impairment exercise for 31 December 2009. Explain and justify your answers, showing all necessary workings.
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