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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 companys SFP:

	Cost			Accumulated Depreciation					Net Book Value
Equipment (10-year life)	$	2,150			$	1,220				$	930
Fixtures (10-year life)		1,270				280					990
Patent rights (40-year life)		840				360					480
	$	4,260			$	1,860				$	2,400

An impairment test indicates that the recoverable amount of the abrasives cash-generating units assets is $1,900 million. The assets are not separablethey 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.)

Required: 1. Prepare an adjusting journal entry to record the impalrment. (If no entry is required for a transaction/event, sele "No Journal entry required" In the first account field. Enter your answers in mllllons.) Answer is complete but not entirely correct. No Transaction General Journal Debit Credit 1 1 500 Impairment loss - Abrasives group Accumulated depreciation - Equipment Accumulated depreciation Fixtures Accumulated amortization - Patent rights 194 206 100 2. What would be the net book value of the assets after one year if no Impalrment was recorded? Assume that strale line depreciation is used. (Enter your answer In millions.) Answer is complete and correct. Net book value of the assets after one year 2,037 w