homework help question

At the end of 2015, Golden Gate Corporation, a public entity which follows IFRS, owns equipment with a remaining life of 10 years and a carrying amount of $530,000. Golden gate expects undiscounted future cash flows from this equipment's use and eventual disposal to total $535,000. The equipment's fair value is $435,000 and disposal costs are estimated to be $10,000. The equipment's discounted cash flows from use and eventual disposal are estimated to be $475,000. Required: (you must show all supporting calculations) a) Prepare a calculation to assess whether the equipment is impaired at the end of 2015. Based upon your calculation, prepare any necessary journal entry. b) Assume the recoverable amount is calculated to be $450,000 at the end of 2016. Prepare a calculation to assess whether the equipment is impaired at the end of 2016. Based upon your calculation, prepare any necessary journal entry