One of the cash$-$generating units of Lola Ltd is associated with the manufacture of fishing equipment. At $30$ June $2020,$ Lola Ltd believed, based on an analysis of economic indicators, that the assets of the unit may be impaired. The carrying amounts of the assets and liabilities of the unit at $30$ June $2020$ were:

Cash $$40,000$

Trade Receivables $20,000$

Allowance for doubtful debts $(5,000)$

Inventory $80,000$

Plant $230,000$

Accumulated depreciation $-$ plant$*(50,000)$

Buildings $480,000$

Accumulated depreciation $-$ buildings$**(240,000)$

Land $100,000$

Goodwill $25,000$

Accounts payable $40,000$

Loans $35,000$

$*$depreciated at $($p$.$a$.)$ $$50,000$

$**$depreciated at $($p$.$a$.)$ $$60,000$

Lola Ltd determined the value in use of the unit to be $$605,000.$ The trade receivables were considered to be collectable, except those considered doubtful. The plant had a fair value less costs to sell of $$170,000.$ The company allocated the impairment loss in accordance with AASB $136.$

During the $2020-21$ period, Lola Ltd increased the depreciation charge on plant to $$55,000$ p$.$a$.$ and to $$65,000$ p$.$a$.$ for the buildings. The inventory on hand at $1$ July $2020$was sold by the end of the year. At $30$ June $2021,$Lola, because of an observable return in the market of the use of fishing equipment, assessed the recoverable amount of the cash$-$generating unit to be $$50,000$ more than the carrying amount of the unit. As a result, Lola Ltd recognised a reversal of the impairment loss. At $30$ June $2021,$ the recoverable amount of the land was $$95,000.$

Required:

$1.$Determine if the assets of the CGU are impaired and, if so$,$ by how much. Show all workings.

$2.$ Calculate the allocation of any impairment to the assets of the CGU. Show all workings and explain, with reference to AASB $136,$ your treatment of various items.

$3.$ Provide the relevant journal entries for $30$ June $2020.$

$4.$ Determine the allocation of the impairment reversal in $2021.$ Show all workings and explain, with reference to AASB $136,$ your treatment of various items.

$5.$ Provide the relevant journal entries for $30$ June $2021$