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John Ltd anticipated that its assets may be impaired in June 2022. Land is measured by Jhon' Ltd at fair value. At 30 June
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 $15 000. 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 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 were as follows. Non-current assets Land (at fair value 1/7/2020) 61 500 Plant and equipment $475 500 Accumulated depreciation ($250 000) Buildings $360 000 Accumulated depreciation (85 000) Goodwill 35 000 Accumulated impairment losses (19 500) Trademarks labels 35 000 Current assets Cash 8 500 Receivables 3 500 + + Required: Prepare the journal entries required on 30 June 2022 in relation to the measurement of the assets of John Ltd.
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