-v Journal entries to record the revaluations on 30 June 2014 and 30 June 2016. Question 3 (a) How should be the reversal ofan impairment loss be accounted for? (b) Azalea Ltd has determined that its China division is a cash-generating unit. The carrying amounts of the assets at 30 June 2015 are as follows: Facto Land E ui ment Machine $210,000 $150,000 $120,000 $60,000 Azalea Ltd calculated the Value in Use of the division to be $510,000 and Fair Values less Co to Sell (net selling price) of $480,000. Required: Prepare the appropriate journal entries for the impairment loss, assuming that the fair values less cost to sell of the land are: a) $140,000 b) $145,000 Page 5 of 13