Part a JKL Ltd, a listed company, has decided to comply with HKAS 36 Impairment of assets, the following information is relevant to the impairment review Certain items of equipment appeared to have suffered a permanent diminution in value. The carrying value at historical cost of these equipments is $580,000 and their net selling price (i.e. fair value less cost to sell) is estimated at $240,000. The anticipated net cash inflow from the machinery is now $200,000 per annum for the next three years. A market discount rate of 10% per annum is to be used in any present value computations. Required To show the relevant journal entry related to the impairment of equipment based on the above information given. Appropriate workings are required. (10 marks) Part b MNO Ltd has acquired another business as Cash Generating Unit on January 1, 2022 for $20 million: tangible assets are valued at $12 million, intangible assets at $6 million and goodwill at \$2 million. A tangible asset (uninsured) with a carrying amount of \$3 million was destroyed by fire on June 30, 2022. As a result of this event, MNO Ltd assessed whether there had been an impairment of assets in the acquired business. The recoverable amount of the acquired business was found only to be $14 million Required Show how MNO Ltd would account for the impairment of the acquired business on 30 June 2022. (10 marks)