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:

1. Prepare the journal entries required on 30 June 2020 in relation to the measurement of the assets of X Ltd.
2. 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. (please show me, how did you calculated Written down value of assets including land 582400, everyone are giving the same answer but no clarification)