Eckland Manufacturing Co. purchased equipment on January 1, 2009, at a cost of $90,000. Depreciation for 2009 and 2010 was based on an estimated ten-year life, $2,000 estimated residual value and Double decline balance depreciation method. On January 1, 2011, Eckland revised its estimate and now believes the equipment will have a remaining service life of eight years, $2,500 estimated residual value and sum-of-years digits (SYD) depreciation method .

On Dec 31 2011, Eckland reasonably estimated future cash flow that annual net cash inflow of previous three years will have $ 7,000 and remaining years will have $5,000. Also Eckland estimated the residual value $1,000.

• Additional information: Discount rate 6%, PV(3,6%)=0.84, PV(6,6%)=0.70,PV(7,6%)=0.66 PVA(3,6%)=2.67, PVA(4,6%)=3.47

Required:

Determine the amount of impairment loss, if any. If a loss is indicated, prepare the entry to record the loss under IFRS and USGAAP.