The following is net asset information for the Dhillon Division of Klaus Inc.:

NET ASSETS

as at December 31, 2020

(in millions)

Book Value Fair Value

Excluding Goodwill

Cash $ 59 $59

Accounts receivable 216 216

Property, plant, and equipment (net) 2615 2,813

Goodwill 219 0

Less: Notes payable (2,636) (2,636)

Net assets $473

The purpose of the Dhillon Division (also identified as a reporting unit or cash-generating unit) is to develop a nuclear-powered aircraft. If successful, travelling delays that are associated with refuelling could be greatly reduced, and operational efficiency would increase significantly.

To date, management has not had much success and is deciding whether a writedown is appropriate at this time. Management has prepared the following estimates for the reporting unit or cash-generating unit:

1.Undiscounted future net cash flows are approximately $414 million.

2.Future value in use is approximately $468 million.

3.Sale of the unit would yield $343 million and selling costs would total $6 million.

a) Under ASPE, determine if there is any impairment and any necessary entry on December 31, 2020. (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. Enter amounts in millions.)

My journal entry was:

Loss on Impairment 130,000,000

Accumulated Impairment Losses-Goodwill 130,000000

(Carrying Amount (incl Goodwill) - $473 million minus $343 million (Fair value of unit))

b) Under IFRS, determine if there is any impairment and any necessary entry on December 31, 2020. (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. Enter amounts in millions.)

My journal entry was:

Loss on Impairment 5,000,000

Accumulated Impairment Losses - Goodwill 5,000,000

Higher value in Use of $468 million & Fair Value Selling Costs of $337 million (343 million - 6 million)

Carrying amount $473 million

Recoverable amount 468 million

Impairment Loss 5 million

Please let me know where I went wrong in my calculations.

Thank you.