On 30 June 2021, AAALtd determined that due to a downturn in the market for DVD players that impairment testing needed to be conducted on the assets held in the Media Products Division. AAALtd tests for impairment on assets by grouping each of its divisions into cash generating units (CGU).

On 30 June 2021 the net assets in the Media Products Division were as follows:

	30 June 2021 $
Accounts receivable	45,000
Allowance for doubtful debts	(5,000)
Inventory	65,000
Factory	80,000
Accumulated depreciation - factory	(10,000)
Land	160,000
Goodwill	25,000
Accounts payable	(30,000)
Borrowings	(100,000)
Net assets	$230,000

Land was determined to have a fair value of $140,000 on 30 June 2021.

AAALtd determined a recoverable amount for this CGU on 30 June 2021 to be $300,000.

Prepare the necessary journal entry for impairment loss on the Media Products Division Ltds as at 30 June 2021.