Ethan Ltd operates in the Swan Valley in Western Australia where it grows grapes and produces wine. In June 2023, it anticipated that its assets may be impaired due to a glut in the market for grapes. The land is measured by Ethan Ltd at fair value. On 30 June 2023, the entity revalued the land to its fair value of $450 000. The land had previously been revalued upwards by $65 000. As a result of its impairment testing, Ethan Ltd calculated that the recoverable amount of the entity's assets was 608 400. The carrying amounts of the assets of Ethan Ltd before adjusting for the impairment test and the revaluation of the land were as follows.

Non-current assets
Buildings	$	340 000
Accumulated depreciation		(77 600)
Land (at fair value 1/7/22)		510 000
Plant and equipment		580 000
Accumulated depreciation		(300 000)
Goodwill		25 000
Accumulated impairment losses		(17 400)
Trademarks wine labels		32 000
Current assets
Cash		28 000
Receivables		36 000

Required

1. Prepare the journal entries required on 30 June 2023 concerning the measurement of the assets of Ethan Ltd.

1. Assume that, as the result of the allocation of the impairment loss, the plant and equipment were written down to $256000. If the fair value less costs of disposal of the plant and equipment was determined to be $240000, outline the adjustments, if any, that would need to be made to the journal entries you prepared in part 1 of this question, and explain why adjustments are or are not required.