Identifiable Intangibles and Goodwill, IFRS International Foods, a U.S. company, acquired two companies in 2016. As a result, its consolidated financial statements include the following acquired intangibles: Intangible Asset Date of Acquisition Fair Value at Date of Acquisition Useful Life Customer relationships January 1, 2016 $4,000,000 4 years Favorable leaseholds June 30, 2016 8,000,000 5 years Brand names June 30, 2016 18,000,000 Indefinite Goodwill January 1, 2016 500,000,000 Indefinite International Foods reports using IFRS and allocating its goodwill to the following cash gathering units (CGUs): E. Asia $40,000,000 Indonesia 60,000,000 Brazil 150,000,000 Mediterranean 150,000,000 Scandanavia 100,000,000 Total $500,000,000 The following information is available at December 31, 2017: Intangible Asset Sum of Future Expected Undiscounted Cash Flows Sum of Future Expected Discounted Cash Flows Customer relationships $1,200,000 $900,000 Favorable leaseholds 6,000,000 4,400,000 Brand names 14,000,000 7,000,000 CGU Unit Carrying Value Unit Fair Value Fair Value of Identifiable Net Assets E. Asia $200,000,000 $150,000,000 $300,000,000 Indonesia 100,000,000 120,000,000 75,000,000 Brazil 130,000,000 140,000,000 100,000,000 Mediterranean 220,000,000 190,000,000 150,000,000 Scandinavia 300,000,000 230,000,000 200,000,000 Required Compute 2017 amortization expense and impairment losses on the above intangibles, following IFRS. Summary: Amortization expense - identifiable intangibles $ Answer Correct Impairment losses - identifiable intangibles Answer Incorrect Goodwill impairment loss Answer Incorrect Total $Answer Incorrect PLEASE SHOW WORK