Question 4 12 Marks (a) When do you think an entity should conduct an impairment test for non-current assets? 3 Marks 6) Prince Chemical Ltd has determined that its cash-generating unit has assets with the following carrying amounts: Building $600,000 Plant $800,000 Showroom $320,000 Goodwill $240.000 $1.960,000 Prince Chemical Ltd measure the value in use of the cash-generating unit, which is calculated at its present value, amounted to $1,560,000. The current fair value less costs to sell of the entire unit is $1,400,000 Required: (1) Calculate the impairment loss 2 Marks Allocate the impairment loss to each asset and their net carrying amounts after impairment 4 Marks (iii) Provide journal entries for the impairment loss. 3 Marks [3+9 = 12 Marks)