Beast Ltd has identified recoverable amount on one of its CGUs to be $470,000. Land has a fair value (less costs to sell) of $204,000. All assets are measured using the cost model.

The CGU consists of the following assets (stated at current carrying amounts):

Cash 22,000

Accounts receivable 55,000

Allowance Bad debts (15,000)

Factory 195,000 Accumulated dep. (45,000)

Equipment 90,000 Accumulated dep. (10,000)

Land 210,000 Goodwill 20,000

Required: Calculate any impairment loss and record the necessary journal entry for Beast Ltd.