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This question has three parts, Part A, Part B and Part C. O'Connell Ltd has three cash generating divisions. As 31 December 2020, the carrying value of the assets comprising these cash generating divisions are: Division 3 '000 Goodwill Buildings Plant and Machinery Division 1 '000 500 7,200 2,500 Division 2 .000 1,200 8,750 2,000 6,000 1,500 As at 31 December 2020, the Directors of O'Connell Ltd have identified that the fair value less costs to sell Division 1 is 8mn, the fair value less costs to sell Division 2 is currently 9mn, and the fair value less costs to sell Division 3 is currently 6.5mn. 000 The Directors of 0 Connell Ltd have approved the following cash forecasts for the next 5 years in relation to the divisions: Year Division 1 Division 2 Division 3 '000 000 2021 1,500 2,800 890 2022 1,950 2,550 1,100 2023 2,100 2,400 1,350 2024 2,350 2,100 1,550 2025 2,500 1,950 1,700 The appropriate discount rate for activities in Division 1 is 8%, Division 2 is 10% and Division 3 is 8%. Page 3 of 6 Required: Part 4: Citing the relevant reporting standard and showing the relevant journals, outline how division 1, division 2 and division 3 should be accounted for by O'Connell Ltd in the Financial Statements for 31 December 2020. (30 Marks)