Miles Ltd has two divisions, Jericho and Jackson. Each of these is regarded as a separate cash-generating unit. At 31 December 2009, the carrying amounts of the assets of the two divisions were: Jericho Jackson $ $ Plant 1,500 1,200 Accumulated depreciation (650) (375) Patent 240 - Inventory 54 75 Receivables 75 82 Goodwill 25 20 The receivables were regarded as collectable, and the inventorys fair value less costs to sell was equal to its carrying amount. The patent (Jericho) had a fair value less costs to sell of $220. Miles Ltd undertook impairment testing at 31 December 2009, and determined the value in use of the two divisions to be: Jericho $1,044, Jackson $990. Required: Prepare the journal entries for Miles Ltd in relation to the impairment exercise for 31 December 2009. Explain and justify your answers, showing all necessary workings