1 Impairment.(V21 On January 1, 2018, Bridgeport Ltd. purchased equipment for $8,000. The equipment was awed to an year useful life and no residual value and was to be depreciated using the straight line method. On January 1, 2020, Bridgeport's management became concerned that the equipment may tuve become obsolete. Management calculated that the undiscounted future net cash flows from the equipment was $644,000, the discounted future ret Gah flows was $571,200, and the current fair value of the equipment was $560,000 and the cost to sell was vero 2. 3 4 5 instructions a) Record the journal entry to record the impairment loss, if any using the cost recovery impairment model. Assume that fridgeport is applying ASPE to determine whether there is impairment or not. You must show all the steps in the impairment test to achieve full mark. (4 marks) b) Record the journal entry to record the impairment loss, if any using the rational entity impairment model. Assume that Bridgeport is applying IFRS to determine whether there is impairment or not. You must show all the steps in the impairment test to achieve full marks. (4 marks) 6 7 Please use the space below to explain each step and show support for your calculations. 10 000 N V 12 3 New Impairment (V2)