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Prepare the journal entry for any impairment loss at June

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Question - Robert Ltd reported the following assets in its statement of financial position at 30 June 2021.

Plant $800,000

Accumulated depreciation (240,000)

Land 300,000

Patent 240,000

Office equipment 620,000

Accumulated depreciation (340,000)

Inventories 220,000

Cash and cash equivalents 180,000

$1,780,000

For impairment testing, the entity is a single cash generating unit. The recoverable amount of the entity was calculated to be $1,560,000. The fair value less costs of disposal of the land was $280,000.

Required - Prepare the journal entry for any impairment loss at 30 June 2021 (narration is required). Show all calculations.

Reference no: EM133015959

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