Determine if the cash-generating unit is impaired and prepare the journal entry, if any, to record the impairment at December 31, 2023, assuming that none of the individual assets in the division has a determinable recoverable amount.

 

Coronado Landscaping Limited has determined that its lawn maintenance division is a cash-generating unit under IFRS. The carrying amounts of the division's assets at December 31, 2023, are as follows: Land Building Equipment Vehicles $27,000 56,000 36,000 19,000 $138,000 The lawn maintenance division has been assessed for impairment and it is determined that the division's value in use is $124,200, fair value less costs to sell is $93,000, and undiscounted future net cash flows are $162,000.