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Prepare the journal entry for any impairment loss

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Question - Gali Ltd has determined that its fine china division is a CGU( Cash Generating Unit ). The carrying amounts of the assets at 30 June 2015 are as follows:

Account Carrying Amount

plant                      385000

Equipment          89000

Fittings                                 56000

Inventory            24000

Goodwill              20000

Total CA               574000

Gali Ltd calculated the value in use of the division to be: 514000, If the fair value less costs of disposal of the plant is: 370472.

Required - Prepare the journal entry(ies) for any impairment loss occurring at 30 June 2015 including supporting calculations.

Reference no: EM131638669

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