Part 1 of 2 FedEx Craft Designs, Inc., an IFRS reporter, reported goodwill at $720,000 related to its Western Avenue Division. The fair value less costs to sell Western Avenue is $2,515,000. Its value in use is $2,572,000. The firm reports the Western Avenue's carrying value of the net assets, excluding goodwill, at $2,150,000. Determine whether goodwill is impaired and prepare any journal entry necessary to record the impairment loss. Perform Part 2 of the one-step impairment test, under IFRS. (Use a minus sign or parentheses for impairment loss. If an input field is not used in the statement, leave the input field empty; do not select a label or enter a zero. Abbreviations used: CGU = cash-generating unit.) Part 2: Goodwill Impairment loss indicated Impairment loss, if any Ex Craft Designs, Inc., an IFRS reporter, reported goodwill at $720,000 related to its Western Avenue Division fair value less costs to sell Western Avenue is $2,515,000. Its value in use is $2,572,000. The firm reports the stern Avenue's carrying value of the net assets, excluding goodwill, at $2,150,000. Determine whether goodwill aired and prepare any journal entry necessary to record the impairment loss. erform Part 2 of the one-step impairment test, under IFRS. (Use a minus sign or parentheses for impairment loss. an input field is not used in the statement, leave the input field empty; do not select a label or enter a zero. Abbreviations used: CGU = cash-generating unit.) Part 2: Book value, including goodwill Goodwill impairment loss Recoverable amount of the reporting unit Goodwill