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Shamrock Ltd. is a publicly listed company following IFRS. Assume that on December 31, 2020, the carrying amount of land on the statement of financial position (SFP) is $525,000. Management determines that the land's value in use is $435,000 and that the fair value less costs to sell is $365,000. Using the rational entity impairment model, prepare the journal entry required, if any, to record the impairment loss. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter for the amounts.) Date Account Titles and Explanation Debit Credit December 31, 2020 Loss on Impairment Accumulated Impairment Losses - Land Due to an economic rebound in the area, by the end of the following year the land has a value in use of $600,000 and fair value less costs of disposal of $475,000. Prepare the journal entry required, if any, to record the increase in its recoverable amount. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.) Date Account Titles and Explanation Debit Credit December 31, 2021

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