3 On January 1, 2018, Bridgeport Ltd. purchased equipment for $888,000. The equipment was assumed to have an 8-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 have become obsolete. Management calculated that the undiscounted future net cash flows from the equipment was $638,250, the discounted future net cash flows was $566,100, and the current fair value of the equipment (after costs to sell) was $555,000. Instructions Assuming that Bridgeport is a private Canadian company following ASPE and uses the Cost recovery impairment model a) Record the journal entry to record the impairment loss, if any. (show all workings) 4 marks Date Accounts and Explanations Debit Credit 20 21 22 23 Assuming that Bridge port is a public Canadian company following IFRS and uses the Rational entity impairment model 24 b) Record the journal entry to record the impairment loss, if any (show all workings) 4 marks 25 26 27 28 9 0 1 Date Accounts and Explanations Debit Credit