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  3. a company has the following assets in a cgu: land

A company has the following assets in a CGU: Land: $650,000 Building:...

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Accounting

A company has the following assets in a CGU:
Land: $650,000
Building: $1,118,000
Equipment: $832,000
Assume that due to a change in the competitive environment, the fair value less costs of disposal of the CGU is now estimated to be $2,340,000. The present value of future cash flows is estimated to be $2,300,000. There is no impairment at the individual asset level.
Required:
Prepare the journal entry to record the impairment under IFRS. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)
\table[[No,Transaction,General Journal,,Debit,Credit],[1,1,Impairment loss,(2),260,000vv,],[,Land,0,,50,000
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