Glenelg Bay Ltd has a Cash-Generating Unit (CGU) comprised of assets as follows:
| Asset | Carrying Amount |
| Inventory | 15,000 |
| Goodwill | 30,000 |
| Plant | 80,000 |
| Motor Vehicles | 40,000 |
On 30 June 2020, Glenelg Bay performed an impairment test for this CGU and determined that the recoverable amount is $120,000.
Required
- Calculate the impairment loss as at 30 June 2020.
- Prepare a table as provided below to allocate the above impairment loss:
| ASSETS | Carrying amount | Proportion | Loss allocated | Adjusted carrying amount |
| Totals |
(c) Prepare a general journal (as per template below) to record the above impairment loss for the year ended 30 June 2020. Include a narration.
| General Journal | |||
| Date | Accounts | Debit | Credit |
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