Waiting for answer This question has not been answered yet. You can hire a professional tutor to get the answer.
Camelot Ltd is in the business of manufacturing children's toys. Its
At 31 July 2019, the assets allocated to eachdivision were as follows:Merlin CGU Hollow CGU Hills CGUBulidings653598366Accumulated(338)(304)(274)depreciationland162241121Machinery239328449Accumulated49)depreciation(257)(248)inventories966380goodwill314023Head office assets15912095In relation to land values, the land relating tothe Merlin and Hills Divisions have carryingamounts less than their fair values as stand-alone assets. The land held by the HollowDivision has a fair value less costs of disposalof $235.Camelot Ltd determined the recoverableamount of each of the cash-generating unitsat 31 July 2019 as follows:Merlin 930Hollow 717Hills645RequiredPrepare the journal entry for Camelot Ltd torecord any impairment loss at 31 July 2019.Account and explanation debit credit
