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Tomato's Ltd reported the following assets in its statement of financial position at 30 June 2020: Plant Accumulated depreciation Land Patent Office equipment Accumulated depreciation
Tomato's Ltd reported the following assets in its statement of financial position at 30 June 2020: Plant Accumulated depreciation Land Patent Office equipment Accumulated depreciation Inventories Cash and cash equivalents Goodwill $820 000 (246 000) 320 000 240 000 620 000 (340 000) 220 000 186 000 230 000 The recoverable amount of the entity was calculated to be $1 650 000. The fair value less costs of disposal of the land was $299 528. Question 1) Prepare the journal entry for any impairment loss at 30 June 2020
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