Problem 1 Beverly Hills Inc. has identified indicators of possible impairment on a depreciable asset and an intangible asset. Information on each of these is provided below: Depreciable asset Building $560,000 Accumulated depreciation (300.000) Carrying value $260.000 Undiscounted future cash flows from use of asset $270,000 Value in use 220,000 Fair value 250,000 Costs of disposal (12,000) Indefinite Life Intangible Asset - Carrying value $120,000 Fair value Direct costs to dispose of the trademark Value in use 80,000 (20,000) 100,000 Required Prepare any impairment loss journal entries required under IFRS and under ASPE. (Note that for ASPE, the first step is assumed met when dealing with an indefinite life intangible asset, i.e. just like goodwill)