Prepare any impairment loss journal entries required

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Question - Grouper Corp. has a patent with a cost of $404,000 and accumulated amortization of $306,000, which was not used as frequently during the current year. Management has determined that undiscounted future cash flows are $96,100 while the discounted cash flows are $86,490. The fair value of the patent is $101,400 and would cost management $4,300 to sell it. Grouper Corp. has asked you, to prepare any impairment loss journal entries required under (1) IFRS and (2) ASPE.

Reference no: EM133084961

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