ABC Construction & Paving expanded its business by purchasing Abott Maintenance, a division that provides road maintenance services. The division was purchased three years ago for $3,159,000 and has been identified as a reporting unit. The net assets for the division including goodwill are as follows:

Cash		$252,000
Accounts Receivables		297,000
Inventory		780,000
Property, Plant & Equipment		974,000
Goodwill		1,235,000
Accounts Payable		(119,000	)
Unearned Revenue		(75,000	)
Net assets, at carrying amounts		$3,344,000

The fair value of the Abott Maintenance Division reporting unit as a whole is estimated to be $3,071,000. Management determines that the units value in use is $3,170,000.

The journal entries for goodwill impairment assuming that ABC Construction & Paving is reporting under ASPE.

Prepare any appropriate journal entries for goodwill impairment assuming that ABC Construction & Paving is reporting under IFRS.

LIST OF ACCOUNTS:

Accounts Payable Accounts Receivable Accumulated Amortization - Copyrights Accumulated Amortization - Customer Lists Accumulated Amortization - Customer Database Accumulated Amortization - Development Costs Accumulated Amortization - Franchises Accumulated Amortization - Licenses Accumulated Amortization - Patents Accumulated Amortization - Software Accumulated Amortization - Trademarks Accumulated Depreciation Accumulated Impairment Losses - Goodwill Accumulated Impairment Losses - Licences Accumulated Impairment Losses - Patents Accumulated Impairment Losses - Trademark Accumulated Impairment Losses - Copyrights Administrative Expenses Advances to Employees Advertising Expense Allowance for Doubtful Accounts Amortization Expense Bad Debt Expense Bank Loans Buildings Cash Common Shares Copyright Cost of Goods Sold Customer Database Customer Lists Delivery Expense Depreciation Expense Development Costs Discount on Bonds Payable Due from Factor Due to Customer Equipment Fair Value - NI Investments Finance Expense Finance Revenue Franchises Freight-in Freight-out Gain on Disposal of Intangible Assets Gain on Sale of Equipment Gain on Sale of Land Goodwill Income Summary Intangible Assets Interest Expense Interest Income Interest Receivable Inventory Land Leasehold Improvements Licenses Loss on Disposal of Intangible Assets Loss on Disposal of Software Loss on Impairment - Goodwill Loss on Impairment - Licences Loss on Impairment - Trademarks Loss on Impairment - Copyrights Loss on Impairment - Patents Loss on Sale of Copyright Loss on Sale of Receivables Machinery Maintenance and Repairs Expense Miscellaneous Expense No Entry Notes Payable Notes Receivable Office Expense Office Expense - Bank Charges Patents Petty Cash Prepaid Expenses Prepaid Rent Purchase Discounts Recovery of Loss from Impairment Rent Expense Research and Development Expense Resource Liability Retained Earnings Revaluation Gain or Loss Revaluation Surplus Revaluation Surplus (OCI) Royalty Expense Sales Sales Discounts Sales Discounts Forfeited Sales Revenue Selling Expenses Servicing Liability Service Revenue Sick Pay Wages Payable Software Start-up Expenses Supplies Supplies Expense Trademarks Trade Names Unearned Revenue Unrealized Gain or Loss - FV-NI

Account Titles and Explanation Debit Credit Loss on Impairment - Goodwill 273000 Accumulated Impairment Losses - Goodwill 273000