Required Prepare the journal entry for Camelot Ltd to record any impairment loss at 31 July 2019.

Exercise 7.19 Your answer is partially correct. Try again. Camelot Ltd is in the business of manufacturing children's toys. Its operations are carried out through three operating divisions, namely the Merlin Division, the Hollow Division and the Hills Division. These divisions are separate cash-generating units. In accounting for any impairment losses, all central management assets are allocated to each of these divisions At 31 July 2019, the assets allocated to each division were as follows: Merlin CGU Hollow CGU Hills CGU Buildings 369 654 599 $ (334) (304) (271) Accumulated depreciation Land 160 241 121 Machinery 240 327 447 Accumulated depreciation (48) (256) (250) Inventories 96 79 63 Goodwill 32 39 23 Head office assets 158 120 97 In relation to land values, the land relating to the Merlin and Hills Divisions have carrying amounts less than their fair values as stand-alone assets. The land held by the Hollow Division has a fair value less costs of disposal of $235. Camelot Ltd determined the recoverable amount of each of the cash-generating units at 31 July 2019 as follows: Merlin $932 Hollow 719 Hills 650 Required Prepare the journal entry for Camelot Ltd to record any impairment loss at 31 July 2019. (Enter debit entries first, followed by credit entries. Credit account titles are automatically indented when the amount is entered. Do not indent manually. Combine any accumulated impairment losses for the goodwill from the separate divisions into a single entry in the journal below.) AcCount and explanation Debit Credit Impairment loss 110 x Goodwill 39 Accumulated depreciation and impairment losses 40 Land Accumulated depreciation and impairment losses 9 Accumulated depreciation and impairment losses 17