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Hooper ltd reported the following information in its draft statement of financial position at 30 June 2020
Cash 110,000Inventory 396000Plant 1, 100,000Intangible Asse 440,000Land 660,000Goodwill 110,000
Total Assets- 2,816,000Liabilities: 330,000Equity; 2486000
At 30 June, Hooper Ltd analysed the internal and external sources of information and determined that there were indications of impairment. Pallas Ltd calculated the recoverable amount of total assets to be $1,265, 000.
Required:
Problem 1: Provide the journal entry of any imoairment loss at 30 June 2020.
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