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Question - Glenelg Bay Ltd has a Cash-Generating Unit (CGU) comprised of assets as follows:
Asset Carrying Amount Inventory 15,000
Goodwill 30,000
Plant 80,000
Motor Vehicles 40,000
On 30 June 2020, Glenelg Bay performed an impairment test for this CGU and determined that the recoverable amount is $120,000.
Required -
a) Calculate the impairment loss as at 30 June 2020.
b) Prepare a table as provided below to allocate the above impairment loss.
c) Prepare a general journal (as per template below) to record the above impairment loss for the year ended 30 June 2020. Include a narration.
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