What is the journal entry for any impairment loss at june

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Reference no: EM132553918

Suarez Ltd reported the following assets in its statement of financial position at 30 June 2020:

Plant $820 000
Accumulated depreciation (246 000)
Land 320 000
Patent 240 000
Office equipment 620 000
Accumulated depreciation (340 000)
Inventories 220 000
Cash and cash equivalents 186 000
Goodwill 200 000

The recoverable amount of the entity was calculated to be $1 600 000. The fair value less costs of disposal of the land was $290 212.

Required (show all workings):

Question 1: What is the journal entry for any impairment loss at 30 June 2020?

Reference no: EM132553918

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