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Question - Caledonian Construction Ltd has determined that its truss manufacturing division is a cash-generating unit. The carrying amounts of the assets as at 30 June 2021 are as follows:
$
Factory 400,000
Land 300,000
Equipment 200,000
Inventory 100,000
Goodwill 20,000
Caledonian Construction Ltd calculated the value-in-use of the division to be $955,000.
Required - Provide the journal entry required in this situation under AASB136 Impairment of Assets, assuming the fair value less costs to sell of the land is $280,000 and Caledonian Construction Ltd carries inventory at the lower of cost and net realizable value. Show all workings as marks are awarded for workings. A template has been provided for the allocation of any loss. Exclude journal narrations.
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