Dry Ltd is an entity that specialises in the manufacture of umbrellas and rain jackets. It has aggressively undertaken a strategy of buying out other companies that produced apparel for inclement weather. These companies were liquidated and the assets and liabilities brought into Dry Ltd.

At 30 June 2024, Dry Ltd reported the following assets in its statement of financial position.

Cash	$ 20 000
Inventory	180 000
Brand Drip Dry	160 000
Factory at cost	820 000
Accumulated depreciation factory	(120 000)
Machinery	640 000
Accumulated depreciation machinery	(240 000)
Goodwill	40 000

In response to competition from overseas, as customers increasingly buy online rather than visit Dry Ltds stores, Dry Ltd assessed its impairment position at 30 June 2024. The indicators suggested that an impairment loss was probable. Crossbow Ltd calculated a recoverable amount of its company of

$1 400 000.

Required:

Prepare the journal entry(ies) for any impairment loss occurring at 30 June 2024.