In Year 1, Manny Company purchased a piece of equipment with a cost of 83000 and a useful life of 5 years. At the beginning of Year 3, the company has determined the following: Expected future cash flows $49000

PV of expected future cash flows $44000

Net selling price $45000

1. Assuming the company used straight-line depreciation and the residual value is 0, what is the depreciation in Years 1 and 2 for US GAAP and IFRS?

2. What is the net carrying amount at the beginning of Year 3 for US GAAP and IFRS?

3. What is the impairment, if any, for US GAAP and IFRS as of the beginning of Year 3?