Use the same information as in problem P16- 14, except now assume that Potter Company is an IFRS reporter. Also, Potter establishes that there is objective evidence of impairment for IFRS impairment testing purposes. Answer the following questions for IFRS.
Required
a. Does impairment exist?
b. I f impairment exists, what amount of loss will Potter report in net income? What amount of loss will it report in other comprehensive income?
c. What is the journal entry for the impairment loss, if needed?