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Prepare the journal entries for any impairment loss occurring at 30 June2015.
Carrying amount of assets=$1 500 000
Recoverable amount=$1 420 000
Impairment loss=$80 000
The impairment loss is firstly used to write off the goodwill of $40 000.
The balance of the loss, $40 000, is allocated across the other assets, except for cash and inventory, assuming it is recorded at the lower of cost and netrealisable value:
Carrying amount
Proportion
Allocation of loss
Net carrying amount
Brand
160 000
16/126
5079
154 921
factory
700 000
70/126
22 222
677 778
machinery
400 000
40/126
12 699
387 301
1 260 000
40 000
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