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(20 marks in total...2 part to the question) Ely ltd operates in Auckland. New /.ealand where it is involved in the growing of grapes ancl the production of wine. In June 2019. It anticipated that its assets may he impmrccl duc to a glut on the 'narket tor grapes and an impending tax tiom the New Zealand gournment seeking to reduce binge drinking alcohol by teenagers. Land is measured by Ely Ltd at fair value. At 30 June 2019. the entity revalued the land to its fair value of S 1 20 000. The land had previously been revalued upwards The tax rate is 30%. As a result of its impairment testing, Ely Ltd calculated that the recoverable amount of the entity's assets was Sl 456 000. The carrying amounts of the assets of Ely Ltd prior to adjusting for the impairment test and the revaluation of the land were as follows: