The abrasives group of Chemical Products Inc. (CPI) has been suffering a decline in its business, due to new product introductions by competitors. At 31 December 20X5, the assets of the abrasives cash-generating unit are shown as follows (in millions) on the company's SFP: Cost Accumulated Net Book Depreciation Value Equipment (10-year life) $1,850 $ 950 $ 900 Fixtures (10-year life) 850 260 590 Patent rights (40- year life) 560 340 220 $3,260 $1,550 $1,710 An impairment test indicates that the recoverable amount of the abrasives cash-generating unit's assets is $1,410 million. The assets are not separable-they must be operated or sold together as a group. No individual asset has a determinable individual fair value less cost to sell. Required: 1. Prepare an adjusting journal entry to record the impairment. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Enter your answers in millions.) View transaction list Journal entry worksheet 1 2. What would be the net book value of the assets after one year if no impairment was recorded? Assume that straight-line depreciation is used. (Enter your answer in millions.) Net book value of the assets after one year