calculate impairment loss, allocate loss, and prepare necessary journal entries

Question 6 Boots Ltd h impaired during the financial year ending 30 June 2017. The following are the assets for the leather making division as at 30 June 2017 Total: 10 Marks ad suspected that its leather making division, a cash generating unit, had been Cash Inventory Machinery 12,000 46,000 120,000 Accumulated depreciation-machinery (15,000) 230,000 Accumulated depreciation-factory (60.000) 35,000 445,000 Factory Patent Land The recoverable amount of the division was estimated to be $775,000. The fair value of the land on 30 June 2017 was $430,000 Required: For the year ended 30 June 2017 for the leather division: calculate impairment loss; allocate the loss to the appropriate assets, and prepare the necessary journal entry.(10 marks)