Question 1. (5 marks) Green Works has determined that its soap division is a cash-generating unit under IFRS I and an asset group under ASPE. The carrying amounts for the division's assets at December 31, Year 3, are as follows: Land $32,000 Truck $20,000 Equipment $60,000 The division has been assessed for impairment and it is determined that the division's : value in use is $100,000, fair value is $90,000, costs to sell it $3,000 and undiscounted future net cash flows is $125,000. The division's only individual asset that has a determinable recoverable amount is land, which has a fair value less costs to sell of $37,000. Required: Show all calculations for full marks a) Prepare the journal entry, if any, to record the impairment at December 31 Year 3, assuming IFRS. b) Prepare the journal entry, if any, to record the impairment at December 31 Year 3, assuming ASPE