i Park Ltd conducted an impairment test on its cash generating unit (CGU) which consists of land, buildings and goodwill at 30 June 20x2. As part of that exercise, it measured fair value of the CGU to be $359172 and value in use to be $362800. Carrying amounts of the CGU at 30 June 20X2 Pa Land $269000 1 $191000 6 Buildings (at cost) Accumulated depreciation - Buildings Goodwill ($38200) $7000 Pa 11 For the period ending 30 June 20X3, depreciation expense on buildings was $13156. If buildings had not been impaired, depreciation expense would have been $19100. At 30 June 20X3, the recoverable amount was determined to be $52800 greater than the carrying amount of the CGU. As a result, Park Ltd recognised a reversal of the previous year's impairment loss. Pa 12 REQUIRED: (a) Determine the recoverable amount of the CGU at 30 June 20x2. Pa (b) Allocate the impairment loss to each individual asset of the CGU for the year ended 30 June 20X2. C) Prepare any necessary journal entries to recognise the impairment loss for the year ended 30 June 20x2. (d) Prepare any necessary journal entries to recognise the reversal of the impairment loss at 30 June 20x3. Pa NB: 14 Round all your answers to the nearest dollar amount. If your calculated answer had decimal places, then round to the nearest whole number, e.g., 1.49 should be written as 1 and 1.50 should be written as 2. Do not enter dollar ($) signs or commas (i.e. enter 10000 not $10,000). Finis muuryuu SWT UUTC UU. you can U , ICTV to the nearest whole number, e.g., 1.49 should be written as 1 and 1.50 should be written as 2. Do not enter dollar ($) signs or commas (i.e. enter 10000 not $10,000). Percentage values must be applied as percentages rounded to the nearest whole number, not as decimals when performing calculations based on percentage values. For example, 37.4% must be used as 37% and 37.5% must be used as 38%. For example: Wrong: 37.5% x 1100 = 412.5 Corrrect: 38% x 1100 = 418 If you believe no journal entry is required, select NULL for the account name, NA for the Dr or Cr, and enter O for the amount. Do not leave the amount blank. Please be aware that it is possible the display of account names does not always following the DR First, CR following" order. SOLUTIONS: (a) Determine the recoverable amount of the CGU at 30 June 20x2. Recoverable amount of the CGU at 30 June 20X2 = (b) Allocate the impairment loss to each individual asset of the CGU for the year ended 30 June 20x2. Carrying amount before allocation Carrying amount after allocation Land $269000 $ Buildings $152800 $ Goodwill $7000 $ (C) Prepare any necessary journal entries to recognise the impairment loss for the year ended 30 June 20x2. Impairment loss Goodwill Accum. impairment loss - land Accum. impairment loss - buildings (d) Prepare any necessary journal entries to recognise the reversal of the impairment loss at 30 June 20X3. Reversal of Impairment loss Goodwill Accum. impairment loss - land Accum. impairment loss buildings