PRINTER VERSION 4 BACK NEXT Brief Exercise 11-16 Larkspur Ltd. is a manufacturer of computer network equipment and has just recently adopted IFRS. The wireless division is a cash-generating unit or asset group that has the following carrying amounts for its net assets: land, $21,000; buildings, $29,670; and equipment, $13,330. The undiscounted net future cash flows from use and eventual disposal of the wireless division are $68,000, and the present value of these cash flows is $46,900. The land can be sold immediately for $34,200; however, the buildings and equipment are specialized and cannot be used elsewhere and thus have no resale value. dy Allocate the impairment loss to the net assets of the wireless division using the cost recovery model under ASPE. (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.) Account Titles and Explanation Debit Credit SHOW LIST OF ACCOUNTS LINK TO TEXT Allocate the impairment loss to the net assets of the wireless division using the rational entity model under IFRS. (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.) Allocate the impairment loss to the net assets of the wireless division using the rational entity model under IFRS. (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.) Account Titles and Explanation Debit Credit