Exercise 7.19 Your answer is partially correct. Try again. Camelot Led is in the business of manufacturing children's toys. Its operations are carried out through three operating divisions, namely the Merlin Division, the Hollow Division and the Hills Division. These divisions are separate cash-generating units. In accounting for any impairment losses, all central management assets are allocated to each of these divisions. At 31 July 2019, the assets allocated to each division were as follows: Merlin CGU Hollow CGU Hills CGU Buildings 654 $ 599 $ 369 Accumulated depreciation (334) (304) (271) Land 160 241 121 Machinery 240 327 447 Accumulated depreciation (48) (256) (250) Inventories 96 63 79 Goodwill 32 39 23 Head office assets 158 120 97 In relation to land values, the land relating to the Merlin and Hills Divisions have carrying amounts less than their fair values as stand-alone assets. The land held by the Hollow Division has a fair value less costs of disposal of $235. Camelot Lid determined the recoverable amount of each of the cash-generating units at 31 July 2019 as follows: Merlin $932 Hollow 719 Hills 650Required Prepare the journal entry for Camelot Ltd to record any impairment loss at 31 July 2019. (Enter debit entries rst, followed by credit entries. Credit actount titles are automatically indented when the amount is entered. Do not indent manually. Combine any accumulated impairment losses for the goodwill from the separate divisions into a single entry in the journal below.) Credit 1 E! V E! E! Amount and explanation Impamnent loss Accumulated depreciation and impairment losses Land Accumulated depreciation and impairment losses Accumulated depreciation and impairment losses