KISS Corporation's balance sheet includes the following asset: Equipment $95,000 Less: Accumulated depreciation: (25,000) Carrying amount $70,000 After performing its annual review for impairment, Jessup obtains the following data Asset value in use: $58,000, Fair value less selling costs: $62,000 Required: Assuming KISS reports under IFRS and uses the rational entity impairment model: (2 marks each) a. Calculate the recoverable amount. b. Calculate the impairment loss. c. Prepare the entry to record the impairment loss. d. In the subsequent year, the market improves and the fair value increases to $90,000. What action, if any, should KISS take with respect to the accounting for this transaction? Explain your