Impairment of assets (Need PART C to be answer, 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
Total

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

General Journal template:

Date	Details	Debit $	Credit $