XYZ Ltd is an entity that specialises in the manufacture of sports shoes. The company reported the following assets in its statement of financial position at 30 June 2019, the entire company would be considered as a single cash generating unit:

Cash$200 000

Inventory300 000

Factory Building900 000

Accumulated depreciation - factory(300 000)

Machinery600 000

Accumulated depreciation - machinery(200 000)

Goodwill20 000

$1 520 000

Because of the competition from overseas as customers pursue a strategy of buying online rather than visit XYZ Ltd's stores, XYZ Ltd assessed its impairment position at 30 June 2019. The indicators suggested that an impairment loss was probable. XYZ Ltd calculated a recoverable amount of its company of $1400000.

Required

Prepare the journal entry(ies) for any impairment loss occurring at 30 June 2019 (Show all your workings).

Please show your calculations:

Please provide your journal entries in the following table:

DATE

ACCOUNT NAME

DR ($)

CR ($)