Part B Mira Ltd has acquired three local shopping centres which it regards as separate cash generating units Gladesville, Epping and Beecroft. Mira Ltd believes that its shopping centres may be impaired due to a general decline in economic activity as a result of the global economic crisis. As a result, management decided to conduct an impairment test as at 30 June 2012. The carrying amounts of the shopping centres at this date were: Gladesville 70 000 Beecroft Epping Receivables 50 000 Inventory 300 000 500 000 600 000 Property, Plant & Equipment 2000 000 3 000 000 2 500 000 Accumulated depreciation (500 000) (1 000 000) Brand name (indefinite life) 530 000 1 500 000 (500 000) 850 000 Goodwill 600 000 1 000 000 500 000 Accounts payable (1 000 000) The results of the calculations of value in use and fair value less cost to sell revealed the following: Value in use 2 500 000 Fair value, less costs to sell 2 400 000 2 800 000 3 500 000 4 750 000 4 000 000 Required: - a) For each of the cash generating units Gladesville, Epping and Beecroft calculate, as at 30 June 2012, the: (i) carrying amount >> (ii) recoverable amount (iii) result of the impairment tests (3 marks) b) Prepare journal entries to account for any impairment loss for the three local shopping centres at 30 June 2012 in accordance with IAS 36 Impairment of Assets. (7 marks)