Part 1: Individual Asset An item of plant is included in the financial statements at a carrying value of 1,200,000. There was no revaluation of the plant in the past. The present value of the future cash flows from continuing to operate the plant is 850,000. Alternatively, the plant could be sold for net proceeds of 920,000. Requirement: Identify the recoverable amount and assess whether plant is impaired. Show how impairment balance will be treated in financial statements (double entries are needed). Part 2: Impairments - Individual Assets BUILDING MACHINERY LAND CARRYING VALUE NET SELLING PRICE VALUE IN USE 4.5M 1.5m 3.7m 3.5m 2.7m 3.8m 4.1m 1.3m 3.2m Required For each of the above individual non-current assets, identify the recoverable amount. Assess whether the non-current asset is impaired or not and identify impairment balance for each of the asset above individually