$1.$ 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.

$2.$ A company has the following assets in a CGU:

Land: $$125,000$

Building: $$450,000$

Equipment: $$50,000$

Assume that due to a change in the political landscape, the CGU was written down to $$550,000.$ However, at the next fiscal year end, the political landscape stabilizes and the recoverable amount is now $$605,000.$ Assume the building had a $25-$year useful life, and the equipment had a $10-$year useful life.

Required:

Prepare the journal entry to record the impairment reversal under IFRS.

$3.$ A company has the following assets in an asset group:

Land: $$1,340,000$

Building: $$7,100,000$

Equipment: $$1,160,000$

Assume that due to a change in the political landscape, there was an indicator of impairment.

The following information was provided:

Undiscounted future cash flows: $$9,650,000$

Fair value of asset group: $$9,300,000$

Required:

Calculate the impairment loss under ASPE.

$4.$ The following information was provided relating to an asset:

Acquisition date: $3$ January $20$X$0$

Acquisition cost: $$398,000$

Residual value: $$28,000$

Estimated useful life: $4$ years

Service hours: $200,000$

Productive output in units: $100,000$

Actual Data:

Service Hours Units Produced

$20$X$050,80023,900$

$20$X$141,70021,450$

$20$X$255,20028,500$

$20$X$352,30026,150$

Total $200,000100,000$

Required:

Prepare the journal entries to record depreciation expense for each year of the asset$$s life, using the service hours method.