Ethan Ltd reported the following assets in its statement of financial position at 30 June 2018:

Part A: (10 Marks) Ethan Ltd reported the following assets in its statement of financial position at 30 June 2018: 24 000 Goodwill $400 000 (240 000) 120 000 Plant Accumulated depreciation Land Patent Accumulated amortisation 160 000 (20 000) Inventories 50 000 10 000 Cash and cash equivalents $504 000 was calculated to be $438 000 The recoverable amount of the entity All assets are measured using the cost method. Inventory is carried at the lower of cost and net realisable value. Required Prepare the journal entry for any impairment loss at 30 June 2018. Narrations are not required. Show all workings and round off the numbers to the nearest dollar