Comrad Company has acquired a piece of equipment on January 1, 2020, and used the straight-line method to depreciate it. On December 31, 2023, it decided to test it for impairment and provided you with the following information: Equipment original cost $6,10,000 Useful life in years 10 Residual value $40,000 Fair value 3,79,000 Costs to sell 7,000 Discounted future cash flows generated by the equipment 3,76,000 Undiscounted future cash flows generated by the equipment 3,98,000 Required: 1. Calculate and record the impairment loss on this piece of equipment to be recorded on December 31, 2023. Assume IFRS. 2. In 2024, the recoverable amount of the equipment is: Calculate and record the impairment gain, if any (Assume the straight-line method of depreciation is still used).