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Joshua Inc. uses IFRS and accounts for their property plant & equipment at amortized cost. Joshua has a cash generating unit, Tiny Division, with a

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Joshua Inc. uses IFRS and accounts for their property plant & equipment at amortized cost. Joshua has a cash generating unit, Tiny Division, with a very unique business. Tiny Division has the following carrying amounts at June 30, 2021, its year end: Land $ 3,000 Building 20,000 Equipment 4,800 At June 30, 2021, the undiscounted future cash flows from operation and disposal of the division are estimated to be $28,000 (present value $25,000). The land could now be sold for $4,000 (net of costs) but no separate valuations can be done on the building and equipment as there is little market for them for standalone use. Required: a) Perform impairment testing for the Tiny Division and calculate any impairment loss. b) Prepare the journal entry resulting from (a)

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