On January 1, 2024, Oriole Inc. purchased an investment in Drexall Inc. bonds for $160,000, at par value. The bonds pay interest on December 31 each year. However, the company has determined that, due to a default on making interest and principal payments, there is objective evidence of impairment, which represents a triggering or loss event. The present value of the discounted revised cash flows is $128,400 using the original effective interest rate and $118,400 using the current market interest rate. The market value of bond is $108400.

Prepare the journal entries for impairment under ASPE and IFRS, assuming the company using amortized cost model