On 1 July 2018. Pip Ltd entered into an agreement to purchase a unique trademark known as "ALLTIME" for a cash consideration of $3,000,000. The agreement stated the trademark would expire on 30 June 2023 and Pip Ltd has not entered into an arrangement with any other party to acquire the Alltime trademark on or before 30 June 2023.

Pip Ltd has adopted the cost model for all classes of intangible assets.

Due to significant market and industry changes throughout the ear ended 30 June 2019, there were indicators of an impairment loss. The recoverable amount of the Alltime trademark at 30 June 2019 was estimated to be $2,100,000.

Required 1) Prepare ALL journal entries relating to the trademark for the year ended 30 June 2019 ONLY. Show all workings and ignore tax.

During the year ended 30 June 2020 favourable market conditions existed and indicators of an impairment loss reversal occurred. Accordingly, the recoverable amount of the Alltime trademark on 30 June 2020 was valued at $1,850,000.

Required

2) Calculate the carrying amount of the Alltime trademark at 30 June 2020 immediately before any impairment reversal.

3) Calculate the impairment reversal amount for the trademark at 30 June 2020.