Following is information for Omega Industries Inc. for its equipment as at December 31, 2018: Cost $1,250,000 Accumulated Depreciation to date $250,000 Present value of future net cash flows (value in use) $812,500 Undiscounted future net cash flows $875,000 Fair Value $850,000 Costs to sell $ 12,500 As at December 31, 2018, the equipment has a remaining useful life of 4 years and it uses straight-line depreciation. It uses IFRS. Round all answers to the dollar.

1. Calculate the impairment loss, if any, under IFRS. $

2. Calculate the impairment loss, if any, under ASPE. $

3. If the asset increases in Value to $925,000 the next year in 2019, what amount is recorded as a recovery of the loss under IFRS? $

4. Does the journal entry include a debit to Accumulated Impairment Loss when recording the impairment? (Answer Yes or No)

5. Would a journal entry be recorded to record a recovery of an impairment loss under ASPE? (Answer Yes or No)