X Ltd anticipated that its assets may be impaired in June 2020. Land is measured by X Ltd at fair value. At 30 June 2020, the entity revalued the land to its fair value of $12 000. The land had previously been revalued upwards by $2 000. As a result of its impairment testing, X Ltd calculated that the recoverable amount of the entitys assets was $145 600. The carrying amounts of the assets of X Ltd prior to adjusting for the impairment test and the revaluation of the land were as follows. Non-current assets Buildings $340 000 Accumulated depreciation (77 600) Land (at fair value 1/7/2019) 51 200 Plant and equipment 581 600 Accumulated depreciation (300 000) Goodwill 24 000 Accumulated impairment losses (17 600) Trademarks labels 32 000 Current assets Cash 2 800 Receivables 3 600 Required: a. Prepare the journal entries required on 30 June 2020 in relation to the measurement of the assets of X Ltd. b. Assume that, as the result of the allocation of the impairment loss, the plant and equipment was written down to $256 000. If the fair value less costs of disposal of the plant and equipment was determined to be $240 000, outline the adjustments, if any, that would need to be made to the journal entries you prepared in part 1 of this question, and explain why adjustments are or are not required.