Capelin Industries Ltd. is reviewing its asset valuations at December 31, 2019. The following information relates to a particular machine: Machine Cost $106,000 Accumulated depreciation to date 25,000 Value in use 68,000 Fair value 77,000 Costs of disposal 5,000 Capelin is a public company and follows IFRS. Required: Determine if the machine is impaired, conclude on your calculations and record any required journal entries. Space below is provided for calculations; please show and label your calculations and responses. Calculations: Journal Entry: Format B I U GENERAL JOURNAL ACCOUNT TITLES AND DATE EXPLANATION DEBIT CREDIT