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Homework answers / question archive / 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

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

Accounting

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

a) Calculate the impairment loss as at 30 June 2020 (2 marks)

b) Prepare a table as provided below to allocate the above impairment loss: (6 marks)

(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 (5 marks)

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