Tulsi Ltd is an entity that specialises in the manufacture of GPS devices. At 30 June 2020, Tulsi Ltd reported the following assets in the statement of financial position.

Brand Tulsi	$500,000
Factory	2,000,000
Machinery	500,000
Building	2,000,000
Inventories	400,000
Cash at bank	200,000

In response to competition from the smart phone manufacturers, as more customers use smart phones than stand-alone GPS devices, Tulsi Ltd assessed its impairment position at 30 June 2020. The indicators suggested that an impairment loss was probable. Tulsi Ltd calculated the recoverable amount of the division to be $5,100,000 at 30 June 2020.

Required: 1. Calculate the impairment loss. (1 mark) 2. Prepare the journal entries to account for the impairment loss at 30 June 2020. (2 marks) 3. Prepare a balance sheet extract for Tulsi Ltd at 1 July 2020. (2 marks)