Exercise 12.3 Prepare the journal entries to account for the impairment loss at 31 December 2010. IMPAIRMENT LOSS, GOODWILL, PARTLY OWNED SUBSIDIARY Olive Ltd acquired 60% of the issued shares of Claret Ltd on 1 January 2010 for $426 000. At this date, the net fair value of the identifiable assets and liabilities of Claret Ltd was $660 000