DWR Ltd manufactures leather goods for women. It has undertaken a strategy of buying out companies that had competing products. At 30 June 2020, DWR reported the following assets in its statement of financial position. Tools 20,000 Land 180,000 Plant 820,000 -120,000 Accumulated Depreciation Machinery 640,000 Accumulated Depreciation -300,000 1,240,000 In response to increased global competition, DWR assessed its impairment position at 30 June 2020 and as a result calculated the recoverable amount of its business (considered as one cash generating unit). Based on DWR's valuation undertaken on 30 June 2020, Recoverable amount of the business $1,220,000 Fair value of Plant $692,000 Fair value of Machinery $330,000 Required: a) Compute the amount of impairment adjustment necessary. b) Determine how DWR Ltd will allocate the impairment loss at 30 June 2020. c) Provide the journal entry to record the impairment loss