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Brief Exercise 11-14 Metlock Ltd. is a publicly listed company following IFRS. Assume that on December 31, 2017, the carrying amount of land on the statement of financial position is $531,000. Management determines that the land's value in use is $437,000 and that the fair value less costs to sell is $372,000. Using the rational entity impairment model, prepare the journal entry required, if any, to record the impairment loss. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter o for the amounts.) Date Account Titles and Explanation Debit Credit December 31, 2017 SHOW LIST OF ACCOUNTS LINK TO TEXT Due to an economic rebound in the area, by the end of the following year the land has a value in use of $556,000 and fair value less costs of disposal of $472,000. Prepare the journal entry required, if any, to record the increase in its recoverable amount. (Credit account titles Indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter o for the an Date Account Titles and Explanation Debit Credit December 31, 2018 SHOW LIST OF ACCOUNTS LINK TO TEXT Accumulated Depletion Accumulated Depreciation - Automobiles Accumulated Depreciation - Buildings Accumulated Depreciation - Equipment Accumulated Depreciation - Furniture and Fixtures Accumulated Depreciation - Machinery Accumulated Depreciation - Trucks Accumulated Impairment Losses - Building Accumulated Impairment Losses - Equipment Accumulated Impairment Losses - Land Accumulated Impairment Losses - Machinery Accumulated Impairment Losses - Mine Accumulated Impairment Losses - Patents Accumulated Impairment Losses - Trucks Asset Retirement Obligation Automobiles Buildings Cash Common Shares Contribution Expense Cost of Goods Sold Deferred Revenue - Government Grants Depreciation Expense Equipment Furniture and Fixtures Gain on Disposal of Automobiles Gain on Disposal of Building Gain on Disposal of Equipment Gain on Disposal of Furniture and Fixtures Gain on Disposal of Machinery Gain on Disposal of Truck Gain on Sale of Land Interest Expense Interest Payable Inventory Investment Property Land Liability for Site Restoration Loss on Disposal of Automobiles Loss on Disposal of Building Loss on Disposal of Equipment Loss on Disposal of Machinery Loss on Disposal of Truck Loss on Expropriation Loss on Impairment Loss on Sale of Land Machinery Mineral Resources No Entry Notes Payable Oil Property Recovery of Loss from Impairment Repairs and Maintenance Expense Retained Earnings Revaluation Surplus (OCI) Revenue - Government Grants Royalty Expense Trucks

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