2 7 Points The following information is relevant to questions 2.2 and 2.3. Assets in the following CGU are carried under cost model. At 30 June 2021, the carrying amounts of the assets in the CGU are: Assets Cash $10,000 Accounts Receivable $20,000 Allowance for doubtful debts ($2,000) Inventories $40,000 Factory Machinery $110,000 Accumulated depreciation - machinery ($20,000) Building $210,000 Accumulated depreciation - buildings ($90,000) Goodwill $7,000 The building was purchased three years ago, and the factory machinery was purchased four years ago. The CGU uses straight-line depreciation for both building and machinery, with residual value of zero. On 30 June 2021, the CGU incurs $85,000 impairment loss. The manager of the CGU does not change the remaining useful life of building or factory machinery. The inventories on hand at 1 July 2021 are sold by the end of the year. At 30 June 2022, the recoverable amount of the CGU is assessed to be $50,000 greater than the carrying amount of the unit, and the recoverable amount of factory machinery to be $75,000. The CGU recognises a reversal of the impairment loss. 2.2 Required: Prepare journal entries to record the impairment loss of the CGU for the year ended 30 June 2021. Ignore the tax effect. Please upload your answer in PDF below: Please select file(s) Select file(s) 2.3 Required: Prepare journal entries to record the reversal of the impairment loss of the CGU for the year ended 30 June 2022. Ignore the tax effect. Please upload your answer in PDF below: Please select file(s) Select file(s)