Exercise 7.14 Last Ltd has two divisions, Time and Leisure. Each of these is regarded as a separate CGU. At 31 December 2019, the carrying amounts of the assets of the two divisions were: Plant $1,480 $1,180 Accumulated depreciation {640) {3 70) Patent 300 Inventories 52 76 Reoeiva bias 63 64 Goodwill 2D 26 The receivables were regarded as collectabler and the inventories' fair value less costs of disposal was equal to its canving amount. The patent had a fair value less costs of disposal of $225. The plant at Time was depreciated at $300 p.a., and that at Leisure was depreciated at $210 p.a. Last Ltd undertook impairment testing at 31 December 2019, and determined the recoverable amounts of the two divisions to be: Time $995 Leisure 966 As a result, management increased the depreciation of the Time plant from $300 to $330 p.a. for the year 2020. By 31 December 2020, the performance in both divisions had improved, and the carrying amounts of the assets of both divisions and their recoverable amounts were as follows: Carrying amount $1,353 $1,402r Recoverable amount 1,533 1,494 (b) Prepare journal entries to record the results of this impairment test for 31st Dec 2019. (Enter debit entries first, followed by credit entries. Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.) Leisure Account and explanation Debit Credit (Allocation of impairment loss to goodwill) Time Account and explanation Debit Credit (Allocation of impairment loss) By accessing this Question Assistance, you will learn while you earn points based on the Point Potential Policy set by your instructor