1. Robin Ltd reported the following information in its Statement of Financial Position as at 30 June 2020.

Cash	$25,000
Inventories	90,000
Total current assets	$115,000
Plant	$325,000
Accumulated depreciation	(75,000)
Intangibles	150,000
Accumulated depreciation	(50,000)
Land	150,000
Total non-current assets	$500,000
Total assets	$615,000

Robin Ltd considers the whole company as a CGU and therefore tests assets for impairment at the company level. On 30 June 2020, Robin Ltd analysed the internal and external sources of information that would indicate deterioration in the worth of its assets. It determined that there were indications of impairment.

Robin Ltd calculated the recoverable amount of the assets to be $490 000.

Required

1. Calculate the impairment loss for the company. (2 Marks)
2. Allocate the impairment loss to the assets. (5 marks)
3. Provide the journal entry to record impairment loss as at 30 June 2020. (3 Marks)