Company XYZ Corp. owns a manufacturing facility that it acquired several years ago. At the end of the current reporting period, XYZ Corp. performs an impairment test on its property, plant, and equipment $($PPE$)$ in accordance with IAS $36($Impairment of Assets$).$

Here are the relevant details:

Carrying amount of the manufacturing facility $($PPE$)$: $$20,000,000$

The recoverable amount of the manufacturing facility: $$18,500,000$

To determine the recoverable amount, $xYZ$ Corp. evaluates the fair value less costs to sell $($FVLC$)$ and the value in use $($VIU$)$ of the manufacturing facility. After conducting an assessment, XYZ Corp. determined that the higher of the two values is $$18,500,000.$

Required:

A$.$ By following IAS $36,$ Calculate the impairment loss for the manufacturing facility.

B$.$ By following IAS $36,$ prepare the journal entry to record the impairment loss in XYZ Corp.s financial statements