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Impairment of a CGU ✰✰ Bow Ltd reported the following assets in its statement of financial position at 30 June 2019. Plant Accumulated depreciation Land Patent Office equipment Accumulated depreciation Inventories Cash and cash equivalents $ 800000 (240000) 300000 240000 620000 (340000) 220000 180000 $1780000 LO5 The recoverable amount of the entity was calculated to be $1660 000. The fair value less costs of disposal of the land was $280 913. Required Prepare the journal entry for any impairment loss at 30 June 2019.

Impairment of a CGU ✰✰ Bow Ltd reported the following assets in its statement of financial position at 30 June 2019. Plant Accumulated depreciation Land Patent Office equipment Accumulated depreciation Inventories Cash and cash equivalents $ 800000 (240000) 300000 240000 620000 (340000) 220000 180000 $1780000 LO5 The recoverable amount of the entity was calculated to be $1660 000. The fair value less costs of disposal of the land was $280 913. Required Prepare the journal entry for any impairment loss at 30 June 2019.

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Impairment of a CGU ✰✰ Bow Ltd reported the following assets in its statement of financial position at 30 June 2019. Plant Accumulated depreciation Land Patent Office equipment Accumulated depreciation Inventories Cash and cash equivalents $ 800000 (240000) 300000 240000 620000 (340000) 220000 180000 $1780000 LO5 The recoverable amount of the entity was calculated to be $1660 000. The fair value less costs of disposal of the land was $280 913. Required Prepare the journal entry for any impairment loss at 30 June 2019.
Transcribed Image Text:Impairment of a CGU ✰✰ Bow Ltd reported the following assets in its statement of financial position at 30 June 2019. Plant Accumulated depreciation Land Patent Office equipment Accumulated depreciation Inventories Cash and cash equivalents $ 800000 (240000) 300000 240000 620000 (340000) 220000 180000 $1780000 LO5 The recoverable amount of the entity was calculated to be $1660 000. The fair value less costs of disposal of the land was $280 913. Required Prepare the journal entry for any impairment loss at 30 June 2019.
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