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Provide the journal entry of any imoairment loss at june

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Reference no: EM132698967

Hooper ltd reported the following information in its draft statement of financial position at 30 June 2020

Cash 110,000
Inventory 396000
Plant 1, 100,000
Intangible Asse 440,000
Land 660,000
Goodwill 110,000

Total Assets- 2,816,000
Liabilities: 330,000
Equity; 2486000

At 30 June, Hooper Ltd analysed the internal and external sources of information and determined that there were indications of impairment. Pallas Ltd calculated the recoverable amount of total assets to be $1,265, 000.

Required:

Problem 1: Provide the journal entry of any imoairment loss at 30 June 2020.

Reference no: EM132698967

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