Gali Ltd has determined that its fine china division is a CGU

Gali Ltd has determined that its fine china division is a CGU. The carrying amounts of the assets at 30 June 2015 are as follows:

Account	Carrying Amount
Land	$822,700
Patent	$189,000
Building	$119,000
Inventory	$51,000
Goodwill	$42,000
Total CA	$1,223,700

 

Gali Ltd calculated the value in use of the division to be:	$1,097,700
If the fair value less cost of disposal of the Land is:	$792,141

 

Required

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

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