Calculation of and journal entries for impairment of goodwill
Gandaph 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 unit's 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 division's net assets, including the associated goodwill of $ 1,350,000, are listed below.

\bold{\text{Carrying Amount of Net Assets Including Goodwill}}

\begin{array} { l r } \text { Cash } & \$ 300,000 \\\text { Receivables } & 450,000 \\\text { Inventory } & 1,050,000 \\\text { Property, plant, and equipment (net) } & 1,200,000 \\\text { Goodwill } & 1,350,000 \\\text { Less: Accounts and notes payable } & ( 750,000 ) \\\text { Net assets, at carrying amounts } & \$ 3,600,000\end{array}

Instructions
Determine if goodwill is impaired and provide the related journal entries, if any, under both ASPE and IFRS.

On June 30, 2020, Blue Ltd

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