Glen Oaks Chemist Ltd. is located in a small industrial town with two main employers. One of the employers in the shipbuilding industry, has recently significantly reduced its workforce, this being an impairment indicator under IAS 36. The impairment event occurred on 30 June 20x7. The business in its entirety is considered one cash-generating unit. After an impairment review, the value in use of the business was estimated at 12,000, and the net selling prices (after selling costs) are listed below: Inventory Delivery vehicle Computers Leasehold improvements Carrying amount at 30/ Net selling price 06/20x7 5,000 4,000 7,000 5,000 3,000 2,500 10,000 25,000 11,500 Notes: 1. The selling price of the inventory is how much Mr. Murphy would purchase the inventory for his chemist in a neighbouring town. If Glen Oaks continue in business, these products would be sold to retail customers at 6,000, and the selling costs are approximately 2,000. 2. If the assets are sold, the leasehold improvements would have a value of nil and it is unlikely that a buyer of the business can be found to purchase it as a going concern. Required: a) Calculate the amount that the assets of Glen Oaks Chemist Itd should be recorded in the statement of position at 30 June 20x7. b) Calculate the amount that the assets of Glen Oaks Chemist Itd should be recorded in the statement of position at 30 June 20x7 if the value in use was $11,000