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Buffalo Landscaping Limited has determined that its lawn maintenance division is a cash-generating unit under...

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Accounting

Buffalo Landscaping Limited has determined that its lawn maintenance division is a cash-generating unit under IFRS. The carrying amounts of the division's assets at December 31,2023, are as follows:
Land $32,000
Building 58,000
Equipment 37,000
Vehicles 27.000
$154,000
The lawn maintenance division has been assessed for impairment and it is determined that the the division's value in use is $138,600, fair value less costs to sell is $109,000, and undiscounted future net cash flows are $178,000. Prepare the journal entry, if any, to record the impairment at December 31,2023, assuming that the division's only individual asset that has a determinable recoverable amount is the building, which has a fair value less costs to sell of $54,000.(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 O for the amounts. List all debit entries before credit entries. Do not round intermediate calculations. Round final answers to O decimal places, e.g.5,275.)

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