ABC Ltd revealed the following assets in its statement of financial position at 30 June 2019: Plant $800 000 (240 000) 300 000 240 000 620 000 (340 000) 220 000 180 000 40 000 $1 820 000 Accumulated depreciation Land Patent Office equipment Accumulated depreciation Inventory Cash and cash equivalents Goodwill on acquiring DEF Ltd 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)