Discount rate 10% FuelCo is a public company following IFRS and is in the process of testing assets for impairment. After due consideration, management determined that each individual station represented a "cash-generating unit". Looking at their Creekside station, they forecast the following cashflows from the station for the next 5 years: 2018 2022 1,600,000 Revenue 2019 1,900,000 $ 1,805,000-$ $ 2,000,000 $ -$ 1,900,000-$ Expenses 1,520,000 Salvage from equipment 50,000 Sale of land & building 200,000 Undiscounted $ 100,000 $ 95,000 $ 330,000 cashflows (recovery from use) 700,000 Discounted cashflows (value in use) $500,000.00 Station assets and values as at December 31, 2017 are: carrying value fair value $ 150,000 $ 200,000 Land Building Equipment $ 200,000 $ 50,000 $ 500,000 $ 200,000 $ 850,000 $ 450,000 1. Record entry for Impairment Loss (if any) at December 31, 2017 2. Fuelco uses straight-line method of recording depreciation and assets have 5 years remaining in useful life (equipment residual value of $50,000; building is $nil). Record entry for 2018 depreciation. 3. Assume Fuelco is private and uses PE GAAP. Record entry for 2017 Impairment Loss, if any. 2020 1,800,000 $ 1,710,000-$ 90,000 $ 2021 1,700,000 $ 1,615,000-$ $ $ 85,000 $ $