4174-chapter 11-F21pa Question 3 of 3 The information that follows relates to equipment owned by Buffalo Limited at December 31, 2020: Cost $7,380,000 Accumulated depreciation to date 820,000 Expected future net cash flows (undiscounted) 5,740,000 Expected future net cash flows (discounted, value in use) 5,207,000 Fair value 5,084,000 Costs to sell (costs of disposal) 41,000 5.56/20 EE Assume that Buffalo will continue to use this asset in the future. As at December 31, 2020, the equipment has a remaining useful life of four years. Buffalo uses the straight-line method of depreciation. Your answer is partially correct. Assume that Buffalo is a private company that follows ASPE Prenace the iournal entry at December 31.2020 to record ascot impairment if any -10C Mostly sunny C