Et IV On January 1, 2018, Bridgeport Ltd. purchased equipment for $872,000. The equipment was assumed to have an ears and more was to be depreciated using the straight-line method. On January 1, 2020, Bridgeport's management became concerned that the centre become obsolete. Management calculated that the undiscounted future net cash flows from the equipment was 5626.750. the discounted future et cach nows was 5555,900, and the current fair value of the equipment was S545,000 and the cost to sell was zero. 5 3 Instructions a) Record the journal entry to record the impairment loss, if any using the cost recovery impairment model. ssume that Bridgeports applying ASPETO determine whether there is impairment or not. You must show all the steps in the impairment test to achieve full marks. (4 marks) b) Record the journal entry to record the impairment loss, if any using the rational entity impairment model. Assume that Bridgeport is applying IFRS TO determine whether there is impairment or not. You must show all the steps in the impairment test to achieve full marks. (4 marks) Please use the space below to cynthin Et IV On January 1, 2018, Bridgeport Ltd. purchased equipment for $872,000. The equipment was assumed to have an ears and more was to be depreciated using the straight-line method. On January 1, 2020, Bridgeport's management became concerned that the centre become obsolete. Management calculated that the undiscounted future net cash flows from the equipment was 5626.750. the discounted future et cach nows was 5555,900, and the current fair value of the equipment was S545,000 and the cost to sell was zero. 5 3 Instructions a) Record the journal entry to record the impairment loss, if any using the cost recovery impairment model. ssume that Bridgeports applying ASPETO determine whether there is impairment or not. You must show all the steps in the impairment test to achieve full marks. (4 marks) b) Record the journal entry to record the impairment loss, if any using the rational entity impairment model. Assume that Bridgeport is applying IFRS TO determine whether there is impairment or not. You must show all the steps in the impairment test to achieve full marks. (4 marks) Please use the space below to cynthin