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

Venter and Luxgen agree that the land is overvalued by S34,000 and the business equipment isundervalued by $25,000. Athenian agrees to sell the business to Medici for $402,000. Required: a. Prepare the journal entry to record the purchase of the business's net assets on Venter's books. Show all required calculations. b. Assume that Venter is a private entity and tested its goodwill for impairment on December 31,2020.Management determined that the unit's carrying amount (including goodwill) was$260,000 and that the unit 's fair value (including goodwill) was $200,000. The value in usewas $215,000, with disposal costs of $20,000. Determine if there is any impairment andprepare any necessary journal entry on December 31,2020.Venter applies ASPE.

c. Repeat Part (b), now assuming that Venter applies IFRS.

LUXGEN LTD. Statement of Financial Position As at December 31, 2020 Assets Liabilities and Shareholders' Equity Cash $105,000 Accounts payable $92,00 0 Land 100,000 Long-term notes payable 422.00 0 Building (net) 200,000 Total liabilities 505,00 0 170,000 Common shares $150,0 00 Machinery (net) Copyright (net) 83,000 Retained earnings 34,000 Patent (net) 31,000 184,00 0 Total assets $689,000 Total liabilities and shareholders' equity $689,0 00