Sparrow Ltd reported the following information in its statement of financial position at 30 June 2023.

At 30 June 2023, Sparrow Ltd analysed the internal and external sources of information that would indicate deterioration in the worth of its assets. It determined that there were
indications of impairment.

Sparrow Ltd calculated the recoverable amount of the assets to be \($980\) 000.

Required

Provide the journal entry for any impairment loss at 30 June 2023.

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Plant $650 000 Accumulated depreciation-plant (150 000) Intangible assets 300 000 Accumulated amortisation (100 000) Land 300 000 Total non-current assets 1 000 000 50 000 Cash Inventories Total current assets Total assets Liabilities Net assets 180 000 230.000 1 230 000 148 000 $1 080 000