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Prepare the journal entry to record the asset impairment

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Reference no: EM132614071

Question - The following information is for a copyright owned by Pina Colada Corp., a publicly accountable entity, at December 31, 2020. Pina Colada Corp. applies IFRS.

Cost $4,310,000

Carrying amount 2,166,000

Expected future net cash flows (undiscounted) 2,037,000

Fair value 1,553,000

Assume that Pina Colada Corp. will continue to use this copyright in the future. As at December 31, 2020, the copyright is estimated to have a remaining useful life of 10 years. The copyright's value in use is $1,898,000 and its selling costs are $125,000.

Required - Prepare the journal entry, if any, to record the asset's impairment at December 31, 2020.

Reference no: EM132614071

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