10 marks (20 minutes) AKM Co.'s balance sheet includes the following asset, at December 31, 2020 after annual depreciation has been recorded: Equipment $ 80,000 Less: accumulated depreciation $ 30,000 Net Book value $ 50,000 After performing its annual review for impairment, AKM Co. obtains the following data: Equipment's value in use $ 48,000 Equipment's fair value less disposal costs $ 47,000 The remaining useful life of the asset at January 1, 2021 is 8 years. AKM Co. applies straight-line depreciation to its equipment assets and the equipment has a $6,000 residual value. AKM Co. uses the cost model under IFRS for its PPE valuation. Required: a) Determine the amount of impairment loss (using the rational entity impairment model) for the year ended December 31, 2020. (2 marks) b) Prepare the entry to record the impairment loss determined in part a). (2 marks) c) Prepare the journal entry to record the 2021 depreciation. (3 marks) d) Assume the carrying value of the equipment, after recording 2021 depreciation, at December 31, 2021 is $42,750 and that the carrying value of the equipment would have been $44,500 if no impairment had been taken in 2020. The recoverable amount of the equipment at December 31, 2021 is $48,000. Prepare the journal entry to record the impairment recovery for 2021. If no impairment recovery is necessary, explain why