Impairment of assets (ANSWER PART B PLEASE)

Aero Ltd has determined that its aviation division is a cashgenerating unit (CGU). Information as at 30th June 2020 is as follows:

Buildings At cost = $600,000

Equipment At cost = $500,000

Inventory = $ 25,000

Land = $250,000

Receivables = $150,000

Goodwill = $90,000

Total = $1,615,000

Additional information:

Buildings - Accumulated depreciation as at 30 June 2020: $100,000 Equipment - Accumulated depreciation as at 30 June 2020: $200,000. Aero Ltd calculated the value in use for the division to be $515,000.

Required:

a) Calculate the impairment loss as at 30 June 2020:

b) Prepare a table as provided below to allocate the above impairment loss:

ASSETS	Carrying amount	Proportion	Loss allocated	Adjusted carrying amount
Totals

(c) Prepare a general journal (as per template below) to record the above impairment loss

for the year ended 30 June 2020. Include a narration.