Beverly Hills Inc. has identified indicators of possible impairment on a depreciable asset and an

intangible asset.

Information on each of these is provided below:

Depreciable asset -

Building $560,000

Accumulated depreciation (300,000)

Carrying value $260,000

Undiscounted future cash flows from use of asset $270,000

Value in use 220,000

Fair value 250,000

Costs of disposal (12,000)

Indefinite Life Intangible Asset -

Carrying value $120,000

Fair value 80,000

Direct costs to dispose of the trademark (20,000)

Value in use 100,000

Required -

Prepare any impairment loss journal entries required under IFRS and under ASPE. (Note that for

ASPE, the first step is assumed met when dealing with an indefinite life intangible asset, i.e. just

like goodwill)