P Co obtained control of S Co on 1 July 20x6, which has two divisions: Trading and Manufacturing. Each is a “cash-generating unit” as defined by IAS 36 Impairment of Assets. P Co chose to measure non-controlling interests as a proportion of identifiable net assets on acquisition date. Goodwill attributable to P Co that was recognized was $7,000,000. On acquisition, P Co also recognized internally generated intangible assets at fair value. P Co has to assess the impairment of goodwill as at 31 December 20x8. The following information was available as at 31 December 20x8.

Required:
1. Determine the impairment loss, if any, for goodwill of the trading division and the manufacturing division as at 31 December 20x8.
2. Determine the impairment loss, if any, for identifiable net assets of the trading division and the manufacturing division as at 31 December 20x8.

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Goodwill attributable.. Book value of identifiable net assets. Unamortized balance of intangible assets, after tax. Fair value of division.. Value in use.. Manufacturing division Trading division $ 3,000,000 $ 4,000,000 12,000,000 20,000,000 6,000,000 4,500,000 15,000,000 27,000,000 16,000,000 28,000,000