On December 31, 2020, Venter Inc. purchased net assets of Luxgen Ltd. The condensed statement of financial position of Luxgen was as follows:

LUXGEN LTD. Statement of Financial Position As at December 31, 2020
Assets		Liabilities and Shareholders' Equity
Cash	$105,000	Accounts payable	$92,000
Land	100,000	Long-term notes payable	422,000
Building (net)	200,000	Total liabilities		505,000
Machinery (net)	170,000	Common shares	$150,000
Copyright (net)	83,000	Retained earnings	34,000
Patent (net)	31,000			184,000
Total assets	$689,000	Total liabilities and shareholders' equity		$689,000

Venter and Luxgen agree that the land is overvalued by $34,000 and the business equipment is undervalued by $25,000. Athenian agrees to sell the business to Medici for $402,000.

Required:

1. Prepare the journal entry to record the purchase of the business's net assets on Venters books. Show all required calculations. (6 points)
2. Assume that Venter is a private entity and tested its goodwill for impairment on December 31, 2020. Management determined that the units carrying amount (including goodwill) was $260,000 and that the units fair value (including goodwill) was $200,000. The value in use was $215,000, with disposal costs of $20,000. Determine if there is any impairment and prepare any necessary journal entry on December 31, 2020. Venter applies ASPE. (4 points)
3. Repeat Part (b), now assuming that Venter applies IFRS. (4 points)