One of the cash-generating units of Gotcha Fish Ltd is associated with the manufacture of fishing equipment. At 30 June

[answerhappygod]

One of the cash-generating units of Gotcha Fish Ltd is
associated with the manufacture of fishing equipment. At 30 June
2021, Gotcha Fish Ltd believed, based on an analysis of economic
indicators, that the assets of the unit may be impaired. The
carrying amounts of the assets and liabilities of the unit at 30
June 2021 were:
Cash $ 40,000
Trade Receivables 20,000
Allowance for doubtful debts (5,000)
Inventory 80,000
Plant 230,000
Accumulated depreciation - plant* (50,000)
Buildings 480,000
Accumulated depreciation - buildings** (240,000)
Land 100,000
Goodwill 25,000
Accounts payable 40,000
Loans 35,000
*depreciated at (p.a.) $50,000
**depreciated at (p.a.) $60,000
Gotcha Fish Ltd determined the value in use of the unit to be
$605,000. The trade receivables were considered to be collectable,
except those considered doubtful. The plant had a fair value less
costs to sell of $170,000. The company allocated the impairment
loss in accordance with AASB 136. During the 2021-22 period, Gotcha
Fish Ltd increased the depreciation charge on plant to $55,000 p.a.
and to $65,000 p.a. for the buildings. The inventory on hand at 1
July 2021 was sold by the end of the year. At 30 June 2022, Gotcha
Fish, because of an observable return in the market of the use of
fishing equipment, assessed the recoverable amount of the
cash-generating unit to be $50,000 more than the carrying amount of
the unit. As a result, Gotcha Fish Ltd recognised a reversal of the
impairment loss. At 30 June 2022, the recoverable amount of the
land was $95,000.
Required:
a) Determine if the assets of the CGU are impaired and, if so,
by how much. Show all workings
b) Calculate the allocation of any impairment to the assets of
the CGU. Show all workings and explain, with reference to AASB 136,
your treatment of various items.
c) Provide the relevant journal entries for 30 June 2021.
d) Determine the allocation of the impairment reversal in 2022.
Show all workings and explain, with reference to AASB 136, your
treatment of various items.
e) Provide the relevant journal entries for 30 June 2022.