John Ltd anticipated that its assets may be impaired in June $2022.$ Land is measured by Jhon$$ Ltd at fair value. At $30$ June $2022,$ the entity revalued the land to its fair value of $$51000.$ The land had previously been revalued upwards by $ $4,000.$ As a result of its impairment testing, John Ltd calculated that the recoverable amount of the entity$$s assets considered to be a single CGU, was $$165,500.$ The carrying amounts of the assets of John Ltd prior to adjusting for the impairment test and the revaluation of the land was as follows.

Non$-$current assets Amount $

Land $($at fair value $1/7/2020)61500$

Plant and equipment $475500$

Accumulated depreciation $(250000)$

Buildings $360000$

Accumulated depreciation $(85000)$

Goodwill $35000$

Accumulated impairment losses $(19500)$

Trademarks $$ labels $35000$

Current assets

Cash $8500$

Receivables $3500$

For the period ending $30$ June $2023,$ the depreciation charge on the plant was $ $38,500.$ If the plant had not been impaired the charge would have been $$65000.$ At $30$ June $2023,$ the recoverable amount of the entity was calculated to be $$25000$ greater than the carrying amount of the assets of the entity. As a result, John Ltd recognised a reversal of the previous year$$s impairment loss.

Required:

a$)$ Prepare the journal entries required on $30$ June $2022$ and $2023$ about the measurement of the assets of John Ltd$.$

b$)$ Assume that, as the result of the allocation of the impairment loss, the plant

and equipment were written down to $$256000.$ If the fair value less costs of disposal of the plant and equipment was determined to be $$240000,$ outline the adjustments, if any, that would need to be made to the journal entries you prepared in part $1$ of this question, and explain why adjustments are or are not required.