We Buy Stuff Inc (WBS) tested it’s ready food division for impairment on December 31, 2019. The following information is provided for the ready for food division which is classsified as a CGU for impairment purposes as at Decemebr 31, 2019:
Net Book Value Value in Use Fair value less cost of disposal
Property, Plant and Equipment 75,000 60,000
Intangible Assets 110,000 75,000
Land and Building 60,000 65,000
Total Assets 245,000 2220,000 200,000
WBS year end is December 31 and they follow IFRS.
Prepare the journal entries for WBS to record any impairment for the year ended December 31, 2019.
Round percent calculations to one decimal place and all numbers to the nearest dollar.
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