Current Attempt in Progress Pronghorn Corporation uses special strapping equipment in its packaging business. The equipment was purchased in January 2019 for $9.80 million and had an estimated useful life of 8 years with no residual value. In early April 2020 , a part costing $860,000 and designed to increase the machinery's efficiency was added. The machine's estimated useful life did not change with this addition. By December 31, 2020, new technology had been introduced that would speed up the obsolescence of Pronghorn's equipment. Pronghorn's controller estimates that expected undiscounted future net cash flows on the equipment would be $6.17 million, and that expected discounted future net cash flows on the equipment would be $5.68 million. Fair value of the equipment at December 31 , 2020 , was estimated to be $5.49 million. Pronghorn intends to continue using the equipment, but estimates that its remaining useful life is now four years. Pronghorn uses straight-line depreciation. Assume that Pronghorn is a private company that follows ASPE. Prepare the journal entry to record asset impairment at December 31, 2020, if any. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Round answers to 0 decimal places, e.g. 5,275.) Fair value of the equipment at December 31,2021 , is estimated to be $5.78 million. Prepare any journal entries for the equipment at December 31,2021 . (Credit account titles are outomatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.) Repeat part (b), assuming that the equipment is designated as "held for sale" as of January 1, 2021, and that the equipment was not in use in 2021 but was still held by Pronghorn on December 31, 2021. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.) Repeat parts (a) and (b), assuming instead that Pronghorn is a public company that prepares financial statements in accordance with IFRS. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts. Round answers to O decimal places, e.g. 5,275. Record journal entries in the order presented in the problem.) (To record depreciation on Equipment) (To record the recovery of loss from impairment) eTextbook and Media