XYZ Pty Ltd reported the following information in its statement of financial position at 30 June 2020

Plant$280,000Accumulated depreciation - plant(65,000)Intangible assets130,000Accumulated amortisation(45,000)Land130,000Total non-current assets430,000Cash25,000Inventories75,000Total current assets100,000Total assets530,000Liabilities65,000Net assets465,000

At 30 June 2020, XYZ Ltd analysed the internal and external sources of information that would indicate deterioration in the worth of its assets. It determined that there were indications of impairment. XYZ calculated the recoverable amount of the assets to be $420 000.

Required

A. Calculate the impairment loss (1 mark)

B. Allocate the impairment loss to the different assets (5.5 marks)

C. Prepare the journal entry for any impairment loss at 30 June 2020 (1 Mark)