Reference no: EM131992088 , Length:

This assignment has 2 parts, 1000 + 10% word theory interpretation essay and a response to a practical application of the theory.

The assignment must be typed, use Anal font, 12, to avoid plagiarism, make sure you do proper referencing, at least use 6 references, to be submitted the soft copy in Tumitin and hard copy in lecture Week 10. Please ensure you attach a KOl assignment cover sheet, with ID numbers and signed. Late assignments will be penalised, 10% deduction per day.

Part A: 1000 word short essay about the following:

Disclosures for finance leases

Part B: Provide all calculations and related journal entries for the following case:

Gali Ltd has determined that its fine china division is a CGU. The carrying amounts of the assets at 30 June 2015 are as follows:

Account	Carrying Amount
Land	$299,200
Franchise	$69,000
Furniture	$43,000
Inventory	$18,000
Goodwill	$15,000
Trotal CA	$444,200

Gali Ltd calculated he value in use of the division to be: $399,200

If the fair value less costs of disposal of the Land is: $288,286

Required

Prepare the journal entry(ies) for any impairment loss occurring at 30 June 2015 including supporting calculations.