A piece of equipment is acquired at a cost of $120,000, with an estimated 8 year life and no salvage value in Year 1. This results in depreciation of $15,000/year. A question of impairment occurs at the end of Year 3 when the following data exists: Net selling price: $ 63,000; Discounted future cash flows from continued use: $58,000; Undiscounted future cash flows from continued use: $77,000 At the end of Year 3 (a) What is the impairment loss or recovery under IFRS? (b) Under U.S. GAAP? At the end of year 4, the impairment conditions have disappeared. The following data exists at the end of year 4: Net selling price: $52,400; Discounted future cash flows from continued use: $53,400; Undiscounted future cash flows from continued use: $62,000 At the end of Year 4 (c) What is the impairment loss or recovery under IFRS? (d) Under U.S. GAAP? SHOW AND LABEL ALL COMPUTATIONS