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 2020, 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)

Patent 300 000

Accumulated amortisation-Patent(200 000)

Land300 000

Goodwill40 000

$1 540 000

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 2020. 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) and show all your workings by applying pro rata method for any impairment loss occurring at 30 June 2020.