Reference no: EM132809658

Advanced Institute Limited operates several external degree programs and has conducted an impairment test on its cash-generating unit in respect of its advanced degree program session. While Advanced Institute Limited estimates that the recoverable amount of the session is around $1,500 million, the carrying amounts of the session's assets are as follows:

Carrying amount ($million)

Goodwill 200

Property, plant and equipment, at depreciated cost 550

Intangible assets, at amortised cost 400

Investment property, at fair value 300

Financial assets, at fair value 170

Trade receivables, at amortised cost 300

Required:

Problem 1: Calculate and allocate the impairment loss to individual assets and suggest journal entries for Advanced Institute Limited.