A company is evaluating a piece of equipment for possible impairment. Information relating to the equipment at December 31, 2020: Original cost $ 1,000 Accumulated depreciation 200 Undiscounted future cash flows 900 Discounted future cash flows 700 Fair value 620 Costs to sell 20 Required: a. Perform the impairment test for the equipment at December 31, 2020 assuming IFRS is used. Calculate the impairment loss, if any, for the equipment. b. Reperform (a) assuming instead ASPE is used