ACCY200 Financial Accounting IIA Autumn 2018 Special Question 7 (due in week 11 tutorial) Love Ltd reported the following assets in its statement of financial position for 30 June 2017: Cash Receivables Inventory Land Machinery Accumulated depreciation - machinery(64,000) Vehicles Accumulated depreciation - vehicles Goodwill $32,000 56,000 128,000 200,000 352,000 672,000 (288,000) 24,000 These assets are considered to be a cash generating unit. As at 30 June 2017 Love Ltd believed the assets were impaired and calculated the recoverable amount to be $1,047,000. The fair value less costs of disposal of the land was $195,000. Required: Calculate impairment loss, showing all working out AND prepare the necessary journal entry for impairment loss occurring at 30 June 2017.