ABC Ltd has determined that one of its cash-generating units (CGUs) has sustained an impairment loss of $50 000. The carrying amount of the assets within the CGU are as follows.

$

Asset 1150 000

Asset 2200 000

Asset 350 000

Total400 000

The estimated fair value less costs of disposal of Asset 2 is $190 000, which is greater than its value in use.

Required

In accordance with IAS 16 Property, Plant and Equipment and IAS 36 Impairment of Assets, calculate the amount of impairment loss allocated to the three assets, and the carrying amounts of the assets after the allocation. Prepare relevant journal entries. Show workings and calculations.