Kenora Limited is a manufacturer of baby food. In 2015, the company acquired a pet food manufacturing division at a cost of $500,000. As of December 31, 2021 (the fiscal year-end of Kenora Limited), the pet food division has a fair value of $600,000 and value-in-use of $650,000. It is estimated that the costs to sell the pet food division would be $25,500. Kenora Limited has determined that the pet food division is a cash generating unit per IFRS. The breakdown of the pet food divisions carrying amount of net assets is as follows on December 31, 2021: Cash: $20,000 Accounts Receivable: $55,000 Inventory: $200,000 Machinery (Net): $400,000 Goodwill: $150,000 Accounts Payable: $60,000 Notes Payable: $75,000

a) Under ASPE, is goodwill impaired? If so, provided the necessary journal entries in good form.

(b) Under IFRS, is goodwill impaired? If so, provided the necessary journal entries in good form.