Part 1: Avendus recently acquired a company called Fishright, a small fishing and fish processing company for $3.1 million. Avendus allocated the purchase consideration as follows: $000 Goodwill 440 Fishing quotas 600 Fishing boats (two of equal value) 1,200 Other fishing equipment 300 Fish processing plant 400 Net current assets 160 3,100 Shortly after the acquisition, one of the fishing boats sank in a storm and this has halved the fishing capacity. Due to this reduction in capacity, the value in use of the fishing business as a going concern is estimated at only $1.8 million. The fishing quotas now represent a greater volume than one boat can fish and it is not possible to replace the lost boat as it was rather old and no equivalent boats are available. However, the fishing quotas are much in demand and could be sold for $700,000. The net current assets consist of accounts receivable and payable and expected to be recovered in full. Required: Calculate the amounts that would appear in the consolidated financial statements of Avendus in respect of Fishright's assets after accounting for the impairment loss