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Beverly Hills Inc. has identified indicators of possible impairment on a depreciable asset and an intangible asset.
Information on each of these is provided below:
Depreciable asset -
Building $560,000
Accumulated depreciation (300,000)
Carrying value $260,000
Undiscounted future cash flows from use of asset $270,000
Value in use 220,000
Fair value 250,000
Costs of disposal (12,000)
Indefinite Life Intangible Asset -
Carrying value $120,000
Fair value 80,000
Direct costs to dispose of the trademark (20,000)
Value in use 100,000
Required -
Question 1: Prepare impairment loss journal entries required under IFRS and under ASPE. (Note that for ASPE, the first step is assumed met when dealing with an indefinite life intangible asset, i.e. just like goodwill).
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