AAA corp. had the following PP&E values on Dec. 31, 2018.

Cost $ 100

Accumulated Depreciation $ 20

Undiscounted Future Cash Flow $ 70

Selling price $ 65

Selling cost $ 0

Value-in-use (PV of Future Cash Flow) $ 75

Questions:

[1] Under U.S. GAAP, prepare the journal entry for PP&E impairment if necessary.

[2] Under U.S. GAAP, what is the dollar amount of PP&E carrying value after impairment?

[3] Under IFRS, prepare the journal entry for PP&E impairment if necessary.

[4] Under IFRS, what is the dollar amount of PP&E carrying value after impairment?