(For W8 and W9) On January 2, 2010, WLP Corp purchased equipment that produced a key product for smartphones. That equipment costed $60,000, and its estimated useful life was five years, and after which it was expected to be sold for $5,000. WLP Corp uses straight-line depreciation. At the end of 2012, an accountant in WLP Corp is studying the impairment of the equipment. The demand for the product has declined substantially since the introduction of cheaper imports. She gathers the following information about the equipment: Carrying amount Undiscounted expected future cash flows Present value of expected future cash flows Fair value if sold Cost to sell 27,000 $27,500 $24,000 $25,500 $3,000 W8. Under IFRS, is the equipment impaired? If, so, determine the amount of the gain or loss on the asset impairment. (Clearly indicate gain or loss and the amount.) w9. U nder U.S. GAAP, is the equipment impaired? If,so, determine the amount of the gain or loss on the asset impairment. (Clearly indicate gain or loss and the amount.)