c) Kwik Ltd (Kwik) runs a unit in Ablekuma Metropolis that has suffered a massive drop in income due to failure in its technology on 1 January 2018. As a result, the following carrying amounts were recorded in the books immediately before the impairment test. Goodwill Technology Equipment Land Buildings Other net assets GHemillion 20 5 10 50 30 40 40 Page 5 of 30 The value in use of the unit is estimated at GH85 million, and Kwik has received an offer of GH75 million for the unit. The technology is worthless, following its complete failure. Other net assets include inventory, receivables and payables. It is considered that the carrying amount of other net assets is a reasonable representation of its net realisable value. Required: In accordance with IAS 36: impairment of assets, show the accounting treatment for the above transactions. (5 marks) d) IAS 8: Accounting Policies, Changes in Accounting Estimates and Errors is applied in selecting and applying accounting policies, accounting for changes in estimates and reflecting corrections of prior period errors. Required: Describe the procedures an entity shall apply in selecting an accounting policy. (4 marks) (Total: 20 marks)