Instructions: Assume that Angelo Company is a publicly traded firm listed in the Toronto Stock Exchange (a) Prepare the journal entry to record asset impairment at December 31, 2020, if needed. (Show your analysis.) (b) The asset's fair value at December 31, 2021 rises to $510,000. Costs to sell increases to $30,000 and value in use decreases to $400,000. Prepare the journal entry, if needed, to record the increase in fair value. (Show your analysis.) (c) & (d) Instead assume that Angelo Company is a private firm that follows ASPE. Repeat the requirements in parts (a) and (b) above. Present your answers as (c) and (d), correspondingly. Angelo Company conducted an impairment test of an equipment on Dec. 31, 2020, end of its fiscal year. Below is the related information. $800,000 260,000 530,000 480,000 Historical cost Accumulated depreciation to date Expected future net cash flows (undiscounted) Expected future net cash flows (discounted) Fair value Costs to sell Remaining useful life Expected residual value Depreciation method 500,000 25,000 10 years 0 Straight-line