Blue Moon Ltd has recorded the following assets as part of its building supplies manufacturing division. This division constitutes a single cash generating unit. The carrying amounts of the assets in this division at 30 June 2015 were:

Factory	500,000
Accumulated depreciation	(340,000)
Equipment Accumulated depreciation Brand name Goodwill Cash Inventory	220,000 (120,000) 350,000 27,000 18,000 15,000

The value in use of the division is determined to be $626,000, and the fair value less disposal costs of the division is measured at $620,000. The recoverable amount of the equipment is determined to be $98,000.

Required

Prepare the necessary journal entries to account for any impairment loss at 30 June 2015.

Please provide explanations and show workings