Information has been collected regarding Price Inc.’s cash generating unit that includes goodwill. At 31 December 20X5, the assets of the Price’s CGU are shown as follows (in millions):

An impairment test indicates that the recoverable amount assigned to the assets of this CGU is $82,000 million. The assets are not separable they must be operated or sold together as a group. However, land has an individual fair value less cost to sell of $14,000.

Required:

1. Prepare an adjusting journal entry to record the impairment.
2. If the impairment was reversed, how would the reversal be accounted for among the assets in the CGU?

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Accumulated Net Book Cost Depreclation Value $ 4,000 $ 0 $ 4,000 Goodwill Equipment 30,000 8,000 22,000 Land 16,000 16,000 Property 66,000 16,000 50,000 $116,000 $24.000 $92.000