Entity A owns a plant which was originally purchased for $4,500,000. On 31 Dec 2018, the plant has been revalued to $6,000,000 with the revaluation of $3,000,000 being recognised as other comprehensive income and recorded in the revaluation reserve as a surplus. On 31 Dec 2019, the plant has a carrying amount of $5,000,000 but the recoverable amount of the plant has just been estimated at only $3,500,000.

REQUIRED: According to accounting standards, prepare the relevant journal entries related to the impairment loss on 31 Dec 2019. ACCOUNT NAMES FOR INPUT: | Plant | Motor van | Machine | Land | Building | Bank | Payable | Receivable | No entry | | Retained earnings | Other income | Other expense |Interest expense | Interest revenue | | Depreciation | Accum. depreciation | Impairment loss | Reversal of impairment loss | | Restoration liability | Loss on disposal | Gain on disposal | Revaluation surplus | Revaluation deficit |