In the statement of financial position at 30 June 2020, Arrow Ltd recorded the following assets: (Note, Arrow Ltd accounts for all non-current assets under the cost model) Patent $240,000 Land 300,000 Plant 620,000 Accumulated depreciation (340,000) Inventory 180,000 Cash and cash equivalents 120,000 Receivables 100,000Machinery 800,000 Accumulated depreciation (240,000) $1,780,000 The recoverable amount of the entity was calculated to be $1,660,000. The fair value less costs of disposal of the land was $280,913.Required:Prepare the analysis and necessary journal entry, with narrations, for any impairment loss at 30 June 2020. You must show all working