Gali Ltd has determined that its fine china division is a CGU( Cash Generating Unit ) . The carrying amounts of the assets at 30 June 2015 are as follows:
Account Carrying Amount
Total CA 574000
Gali Ltd calculated the value in use of the division to be: 514000
If the fair value less costs of disposal of the plant is: 370472
Required Prepare the journal entry(ies) for any impairment loss occurring at 30 June 2015 including supporting calculations.