ABC Ltd revealed the following assets in its statement of financial position at 30 June 2019: Plant Accumulated depreciation Land Patent $800 000 (240 000) 300 000 240 000 Office equipment 620 000 Accumulated depreciation (340 000) Inventory 220 000 Cash and cash equivalents 180 000 Goodwill on acquiring DEF Ltd 40 000 $1 820 000 The recoverable amount of the entity was calculated to be $1 660 000. The fair value less costs of disposal of the land was $280 913. Required: (1) Calculate the allocation of impairment loss at 30 June 2019; (10 marks) (2) Prepare the journal entries with narration to recognise that impairment loss. (10 marks)