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Question - Venus Co. has collected the following data for impairment test of a Cash Generating Unit (CGU) on September 31, 2021, which is the end of its fiscal year.
Book value
Fair value
Costs to sell
Value-in-use
Goodwill
$30,000
Machinery
250,000
$200,000
$5,000
220,000
Building
400,000
450,000
10,000
$380,000
Total for the CGU
$680,000
$650,000
$15,000
$600,000
Required - Has the CGU have nay impairment loss in 2021? If yes then calculate and record the impairment loss on the CGU on September 31, 2021.
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Common shares
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