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Fair value 6,200,000 Costs to sell (costs of disposal) 50,000 Assume that Gaurav will continue to use this asset in the future. As at December

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Fair value 6,200,000 Costs to sell (costs of disposal) 50,000 Assume that Gaurav will continue to use this asset in the future. As at December 31, 2017, the equipment has a remaining useful life of four years. Gaurav uses the straight-line method of depreciation. Instructions (a) Assume that Gaurav is a private company that follows ASPE. . 1.Prepare the journal entry at December 31, 2017, to record asset impairment, if any

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