ASPE

Impairment Case #1 . . Company A, a private company, has the following asset that has had a change in use due to the pandemic Cost : $ 900,000 at December 31, 2020 AD: $ 400,000 at December 31, 2020 10 years remaining at straight line Undiscounted cash flows at December 31, 2020 $ 300,000 Undiscounted cash flows at December 31, 2021 $ 530,000 Fair value at December 31, 2020: $ 230,000 Fair value at December 31, 2021: $ 560,000 Required Journal entry related to impairment at December 31,2020 Journal entry related to impairment at December 31,2021