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Prepare any journal entry to record the impairment

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Question - Greenwater Inc. is a company that follows IFRS and has a year end of July 31. Greenwater Inc. owns a trademark that it purchased 4 years ago for $136,400. The accumulated amortization on this trademark to July 31, 2020 is $27,300.

Other information available about the trademark on July 31, 2020 is as follows:

Expected undiscounted future cash flows from the trademark for the remainder of its useful life total $108,250.

The trademark has a value in use of $97,600.

The fair value of the trademark is $105,950. Selling costs of $2,000 would be incurred if the trademark was sold.

Required - Determine if the trademark is impaired at July 31, 2020 (3 marks) and prepare any journal entry to record the impairment, if required?

Reference no: EM132778225

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