Winters Corporation purchased a division five years ago for $3 million. The division has been identified as a reporting unit that is cash-generating under IFRS. Management is reviewing the division for impairment of goodwill and has estimated the fair value of the reporting unit to be $3.2 million and the units value in use to be $3.3 million. In addition, there would be $75,000 in direct costs should the company decide to sell. The carrying amounts of the divisions net assets, including the associated goodwill of $1,350,000, are listed below: Carrying Amount of Net Assets Including Goodwill Cash $300,000 Receivables 450,000 Inventory 1,050,000 Property, plant, and equipment (net) 1,200,000 Goodwill 1,350,000 Less: Accounts and notes payable -750,000 Net assets, at carrying amounts $3,600,000 Instructions 1. Determine if the goodwill is impaired and provide the related journal entries under IFRS. 2. Determine if the goodwill is impaired and provide the related journal entries under ASPE.