Problem 2: On December 31, 2020, the Shell Corp, a publicly accountable entity found that a CGU had possible indicators of impairment. As such an impairment test needs to be conducted. The relevant data on the CGU is as follows: Carrying values: Fair Values: Land 750,000 1,000,000 Building 1,500,000 1,350,000 Equipment 600,000 80,000 Goodwill 550,000 n/a Total 3,400,000 2,430,000 Value in use 2,600,000 Costs to sell would amount to 6% of the fair values of the assets

Required- Calculate the impairment loss (if any) for the CGU. If there is an impairment loss for the CGU, allocate the loss to the assets of the CGU. No journal entries required just perform the calculations/allocations.