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Joshua Inc. uses IFRS and accounts for their property plant & equipment at amortized cost. Joshua has a cash generating unit, Tiny Division, with a very unique business. Tiny Division has the following carrying amounts at June 30, 2021, its year end:
Building 20,000
Equipment 4,800
Land $ 3,000
At June 30, 2021, the undiscounted future cash flows from operation and disposal of the division are estimated to be $28,000 (present value $25,000). The land could now be sold for $4,000 (net of costs) but no separate valuations can be done on the building and equipment as there is little market for them for standalone use.
Required:
Problem a) Perform impairment testing for the Tiny Division and calculate any impairment loss.
Problem b) Prepare the journal entry resulting from (a)
Problem c) Would your answer change if Joshua reported under ASPE? How & Why?
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