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Question - The carrying amounts of the assets of a cash-generating unit (CGU) on 31 December 2017 are as follows:
Goodwill - $ 300
Land - 1,700
Building - 1,100
Equipment - 1,300
Inventory - 500
Receivables - 700
Cash - 200
Total - $5.800
The fair value of the CGU is estimated to be $3,000 while the value-in-use (VIU) to be $3,300. The CGU has no liabilities.
Additional information:
Fair value less costs of disposal of receivables is $450. Fair value less costs of disposal of land is $1,500.
Required
(a) Determine whether the CGU is impaired.
(b) If the CGU is impaired, determine how any impairment loss shall be allocated among the assets of the CGU.
List three criteria that can be used to determine whether such costs should appear as charges in the income statement for the current period.
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