Test Blood Ltd owns and runs various laboratory around the country. During the year ended 31 March 2021, one laboratory of Test Blood Ltd has experienced a significant decrease in revenue due to competitor opening up in the same region and has penetrated the market by charging lower price. The carrying amount of the particular laboratory as at 31 March 2021 is as follows:

	$000
Goodwill	950
Licences	1425
Land & Buildings	11550
Equipment	3500
Other Net assets	1000
	18425

An impairment review was performed on 31 March 2021 by an accountancy firm and it was found that the fair value less cost to sell is $ 10 million and the value in use is $ 12 million. In addition, the following salient issues were noted from the accountancy firms report:

1. An item of equipment was to be written off as it had become damaged and unusable when one of the patients threw it out of a first-floor window. The equipment had a carrying value of $ 400,000 prior to the event.

2. The recoverable amount of Land and Buildings is estimated to be $ 9 million.

3. The other net assets include small amounts of inventory, receivables and payables and are considered to be a close approximation of their recoverable amount.

REQUIRED

Calculate the revised net asset value of the laboratory for the year ended 31 March 2021 showing clearly the amount of impairment allocated to each individual asset. [10 Marks]