Question 1 Windsor Ltd. is a publicly listed company following IFRS. Assume that on December 31, 2017, the carrying amount of land on the statement of financial position is $530,000. Management determines that the land's value in use is $435,000 and that the fair value less costs to sell is $396,000 Your answer is partially correct. Try again. Using the rational entity impairment model, prepare the journal entry required, if any, to record the impairment loss. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.) Date Account Titles and Explanation Debit Credit December 31, 2017 Loss on Impairment 134000 Accumulated Impairment Losses Land 134000 SHOW LIST OF ACCOUNTS