Asset Impairment 2 (5 marks) The abrasives group of Chemical Products Inc. (CPI) has been suffering a decline in its business, due to new product introductions by competitors. At 31 December 20X5, the assets of the abrasives cash-generating unit are shown as follows (in millions) on the company's SFP: Cost $1,850 Accumulated Depreciation $ 950 Net Book Value $ 900 Equipment (10-year life) Fixtures (10-year life) Patent rights (40- year life) 850 260 590 560 340 220 $3,260 $1,550 $1,710 An impairment test indicates that the recoverable amount of the abrasives cash-generating unit's assets is $1.410 million. The assets are not separablethey must be operated or sold together as a group. No individual asset has a determinable individual fair value less cost to sell. IFRS is the appropriate GAAP for this entity. Required: 1. Prepare an adjusting journal entry to record the impairment. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Enter your answers in millions.) View transaction list Journal entry worksheet