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Question - At December 31, 2020, the assets of Black Company's cash-generating unit (CGU) that include goodwill are shown below (in millions) on the company's statement of financial position:
($ in millions)
Cost
Accumulated Depreciation
Net Book Value
Goodwill
$2,000
$0
Equipment
15,000
5,000
10,000
Land
8,000
0
Building
33,000
11,000
22,000
Total
$58,000
$16,000
$42,000
An impairment test indicates that the fair value less costs to sell of the CGU's assets is $38,000 million and its value in use is $36,500 million. The assets are not separable-they must be operated or sold together as a group. Assume that Black uses IFRS.
Required -
1. Determine if the CGU is impaired.
2. Prepare the adjusting entry to record the impairment (if any). Round the amounts to the nearest million $ and allocate the impairment to various assets in CGU.
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