Novak Corp. is preparing its financial statements for the fiscal year ending November 30, 2017. Certain specialized equipment was scrapped on January 1, 2018. At November 30 2017, this equipment was being used in production by Novak and had a carrying amount of $0.98 million. As at November 30, 2017, it was estimated that the asset has undiscounted net future cash flows of $2.05 million, value in use of $690,000, and fair value less costs of disposal of $30,000 (scrap value) If Novak prepares financial statements in accordance with IFRS, what is the recoverable amount of the equipment at November 30, 2017? Recoverable amounts