% FedEx Craft Designs, Inc., an IFRS reporter, reported goodwill at $720,000 related to its Western Avenue Division. The fair value less costs to sell Western Avenue is $2,515,000. Its value in use is $2,572,000. The firm reports the Western Avenue's carrying value of the net assets, excluding goodwill, at $2,150,000. Determine whether goodwill is impaired and prepare any journal entry necessary to record the impairment loss. Perform Part 2 of the one-step impairment test, under IFRS. (Use a minus sign or parentheses for impairment loss. If an input field is not used in the statement, leave the input field empty; do not select a label or enter a zero. Abbreviations used: CGU = cash-generating unit.) Part 2: Book value, including goodwill Goodwill $ 2,870,000 Recoverable amount of the reporting unit 2,572,000 Impairment loss indicated Yes Impairment loss, if any (298,000) 2) /3) 22 /1) 5 re e o le a ing Prepare the journal entry to record loss on the date of impairment, if required. (Record debits first, then credits. Exclude explanations from any journal entries.If no entry is required select "No Entry Required" on the first line of the journal entry table and leave all remaining cells in the table blank.) utur e an Account Date of Impairment ment 70, C il ent