Please answer the following question Must choose from the following LIST OF ACCOUNTS: Accumulated DepletionAccumulated Depreciation - AutomobilesAccumulated Depreciation - BuildingsAccumulated Depreciation - EquipmentAccumulated Depreciation - Furniture and FixturesAccumulated Depreciation - MachineryAccumulated Depreciation - VehiclesAccumulated Impairment Losses - BuildingAccumulated Impairment Losses - EquipmentAccumulated Impairment Losses - LandAccumulated Impairment Losses - MachineryAccumulated Impairment Losses - MineAccumulated Impairment Losses - PatentsAccumulated Impairment Losses - Tools and DiesAccumulated Impairment Losses - VehiclesAsset Retirement ObligationBuildingsCashCommon SharesContribution ExpenseCost of Goods SoldDeferred Revenue - Government GrantsDepreciation ExpenseEquipmentFurniture and FixturesGain on Disposal of AutomobilesGain on Disposal of BuildingGain on Disposal of EquipmentGain on Disposal of Furniture and FixturesGain on Disposal of MachineryGain on Disposal of VehiclesGain on Sale of LandInterest ExpenseInterest PavableInventoryInvestment PropertyLandLiability for Site RestorationLoss on Disposal of AutomobilesLoss on Disposal of BuildingLoss on Disposal of EquipmentLoss on Disposal of MachineryLoss on Disposal of VehiclesLoss on ExpropriationLoss on ImpairmentLoss on Sale of LandMachineryMineral ResourcesNo EntryNotes PayableOil PropertyRecovery of Loss from ImpairmentRepairs and Maintenance ExpenseRetained EarningsRevaluation Surplus (OCI)Revenue - Government GrantsRoyalty ExpenseVehicles Bonita 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:LandBuildingEquipmentVehicles(a)$27,00052,00032,00022,000The lawn maintenance division has been assessed for impairment and it is determined that the division's value in use is $119,700, fair value less costs to sell is $88,000, and undiscounted future net cash flows are $157,000.Date$133,000Your answer is correct.Determine if the cash-generating unit is impaired and prepare the journal entry, if any, to record the impairment at December 31, 2023, assuming that none of the individual assets in the division has a determinable recoverable amount. (Credit ano 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.)December 31, 2023Account Titles and ExplanationLoss on ImpairmentAccumulated Impairment Losses - LandAccumulated Impairment Losses - BuildingAccumulated Impairment Losses - EquipmentAccumulated Impairment Losses - VehiclesDebit13300INCredit2700520032002200 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 $48,000. (Credit account titles are automatically indented when the amount is entered. Do not indentmanually. 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.)(c)DateDecember 31, 2023List of AccountseTextbook and MediaAccount Titles and ExplanationDateLoss on ImpairmentDecember 31, 2023Accumulated Impairment Losses - LandAccumulated Impairment Losses - BuildingAccumulated Impairment Losses - EquipmentAccumulated Impairment Losses - VehiclesDebitAccount Titles and Explanation13300WINDebitCredit3100Assume that Bonita prepares financial statements under ASPE instead, and that the lawn maintenance division is an asset group. Determine if the asset group is impaired and prepare the journal entry, if any, to record the impairment at December 31, 2023, assuming that none of the individual assets in the division has a determinablerecoverable amount. (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 debit entry before credit entry.)Credit400036742526Attempts: 2 of 3 used

Question

Please answer the following question Must choose from the following LIST OF ACCOUNTS: Accumulated DepletionAccumulated Depreciation - AutomobilesAccumulated Depreciation - BuildingsAccumulated Depreciation - EquipmentAccumulated Depreciation - Furniture and FixturesAccumulated Depreciation - MachineryAccumulated Depreciation - VehiclesAccumulated Impairment Losses - BuildingAccumulated Impairment Losses - EquipmentAccumulated Impairment Losses - LandAccumulated Impairment Losses - MachineryAccumulated Impairment Losses - MineAccumulated Impairment Losses - PatentsAccumulated Impairment Losses - Tools and DiesAccumulated Impairment Losses - VehiclesAsset Retirement ObligationBuildingsCashCommon SharesContribution ExpenseCost of Goods SoldDeferred Revenue - Government GrantsDepreciation ExpenseEquipmentFurniture and FixturesGain on Disposal of AutomobilesGain on Disposal of BuildingGain on Disposal of EquipmentGain on Disposal of Furniture and FixturesGain on Disposal of MachineryGain on Disposal of VehiclesGain on Sale of LandInterest ExpenseInterest PavableInventoryInvestment PropertyLandLiability for Site RestorationLoss on Disposal of AutomobilesLoss on Disposal of BuildingLoss on Disposal of EquipmentLoss on Disposal of MachineryLoss on Disposal of VehiclesLoss on ExpropriationLoss on ImpairmentLoss on Sale of LandMachineryMineral ResourcesNo EntryNotes PayableOil PropertyRecovery of Loss from ImpairmentRepairs and Maintenance ExpenseRetained EarningsRevaluation Surplus (OCI)Revenue - Government GrantsRoyalty ExpenseVehicles Bonita 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:LandBuildingEquipmentVehicles(a)$27,00052,00032,00022,000The lawn maintenance division has been assessed for impairment and it is determined that the division's value in use is $119,700, fair value less costs to sell is $88,000, and undiscounted future net cash flows are $157,000.Date$133,000Your answer is correct.Determine if the cash-generating unit is impaired and prepare the journal entry, if any, to record the impairment at December 31, 2023, assuming that none of the individual assets in the division has a determinable recoverable amount. (Credit ano entry is required, select &#34;No Entry&#34; 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.)December 31, 2023Account Titles and ExplanationLoss on ImpairmentAccumulated Impairment Losses - LandAccumulated Impairment Losses - BuildingAccumulated Impairment Losses - EquipmentAccumulated Impairment Losses - VehiclesDebit13300INCredit2700520032002200 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 $48,000. (Credit account titles are automatically indented when the amount is entered. Do not indentmanually. If no entry is required, select &#34;No Entry&#34; 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.)(c)DateDecember 31, 2023List of AccountseTextbook and MediaAccount Titles and ExplanationDateLoss on ImpairmentDecember 31, 2023Accumulated Impairment Losses - LandAccumulated Impairment Losses - BuildingAccumulated Impairment Losses - EquipmentAccumulated Impairment Losses - VehiclesDebitAccount Titles and Explanation13300WINDebitCredit3100Assume that Bonita prepares financial statements under ASPE instead, and that the lawn maintenance division is an asset group. Determine if the asset group is impaired and prepare the journal entry, if any, to record the impairment at December 31, 2023, assuming that none of the individual assets in the division has a determinablerecoverable amount. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select &#34;No Entry&#34; for the account titles and enter O for the amounts. List debit entry before credit entry.)Credit400036742526Attempts: 2 of 3 used

Accepted Answer

Impairment can be defined as a permanent reduction in the value of assets either fixed tangible or…