Q3 Asset Impairment 7 Points One of the Cash Generating Units (CGU) of HapY Ltd is involved with the manufacture of furniture. All assets are measured using the cost model. At 30 June 2021, the carrying amounts of the assets of the CGU are: The recoverable amount of the CGU is assessed to be $500,000 as at 30 June 2021 . The receivables are considered to be collectable, except those considered doubtful and the inventories fair value less costs of disposal was equal to its carrying amount. HapY Ltd has only one (1) Factory Machinery and it was depreciated at $8,000 per annum. Buildings are depreciated at $4,000 per annum. Buildings had a recoverable amount of $200,000. As a result of the impairment in the year ended 30 June 2021, HapY Ltd increased the depreciation of the Factory Machinery to $10,000 per annum and for the Buildings to $8,000 per annum for the year ended 30 June 2022. As at 30 June 2022, the performance of the CGU had improved and the recoverable amount of the CGU was calculated to be $80,000 greater than the carrying amount of the assets in the CGU. As a result, HapY Ltd can recognize a reversal of the impairment loss. 3.1 Prepare the journal entries to record the impairment of the CGU for the year ended 2021 (3 marks) 3.2 Prepare the journal entries to record the impairment reversal of the CGU for the year ended 30 June 2022. (4 marks)