Luxe Shipping Ltd has determined that its cash-generating unit has assets with the following carrying amounts:

Building $300,000

Plant $400,000

Showroom $160,000

Goodwill $120,000

$980,000

Luxe Shipping Ltd measure the value in use of the cash-generating unit, which is calculated at its present value, amounted to $780,000. The current fair value less costs to sell of the entire unit is $700,000.

Required:

1. Calculate the impairment loss
2. Allocate the impairment loss to each asset and their net carrying amounts after impairment.
3. Provide journal entries for the impairment loss.