n 30 June 2021, Clever Ltd conducted an impairment test on the Travel Products Division. The Travel Products Division is treated as a cash-generating unit for impairment testing purposes.

The assets in the Travel Products Division were at carrying amounts as follows:

	$	30 June 2021 $
Accounts receivable	95,000
Allowance for doubtful debts	(15,000)	80,000
Inventory		105,000
Building	200,000
Accumulated depreciation - building	(20,000)	180,000
Patent		75,000
Land		200,000
Goodwill		30,000

Land was determined to have a fair value of $170,000 on 30 June 2021.

Clever Ltd determined a recoverable amount for this CGU on 30 June 2021 to be $580,000.

Required:

Prepare the necessary journal entry for impairment loss on the Travel Products Division as at 30 June 2021.(10 marks)