Calculation of and journal entries for impairment of goodwill Gandaph Corporation purchased a division five years ago for $ 3 million. The division has been identified as a reporting unit that is cash-generating under IFRS. Management is reviewing the division for impairment of goodwill and has estimated the fair value of the reporting unit to be $ 3.2 million and the units value in use to be $ 3.3 million. In addition, there would be $ 75,000 in direct costs should the company decide to sell. The carrying amounts of the divisions net assets, including the associated goodwill of $ 1,350,000, are listed below. Carrying Amount of Net Assets Including Goodwill Cash $ 300,000 Receivables 450,000 Inventory 1,050,000 Property, plant, and equipment (net) 1,200,000 Goodwill 1,350,000 Less: Accounts and notes payable (750,000) Net assets, at carrying amounts $ 3,600,000 Instructions Determine if goodwill is impaired and provide the related journal entries, if any, under both ASPE and IFRS.