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Provide the journal entry of any impairment loss at June

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Question - Pallas Ltd reported the following innformation in its draft statement of financial position at 30 June 2020.

Cash: 55,000

Inventories 198,000

Plant 550,000

Intangible Assets 220,000

Land: 330,000

Goodwill: 55,000

Total Assets 1,408,000

Liabilities 165,000

Equity 1,243,000

At 30 June, Pallas 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 - Provide the journal entry of any impairment loss at 30 June 2020. (Inventory is carried at low of cost and net realisable value).

Reference no: EM132736955

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