On January 1, 2018 Bridgeport Ltd. purchased equipment for $752.000. The equipment was assumed to have an verwenden was to be depreciated using the straight-line method On January 1, 2020, Bridgeport's management became concerned that the moment me become obsolete Management calculated that the undiscounted future net cash flows from the equipment was 55-40.500, the discounted future et nows was $479,400, and the current fair value of the equipment was $470,000 and the cost to sell wassero 3 4 5 Instructions a) Record the journal entry to record the impairment loss, if any using the cost recovery impairment model. Assume that Bridgeport is song ASPE determine whether there is impairment or not. You must show all the steps in the impairment test to achieve fumars14 mans) b) Record the journal entry to record the impairment loss, if any using the national entity impairment model. Assume that Bridgeport is to determine whether there is impairment or not. You must show all the steps in the impairment test to achieve fu marks. (4 marks) 6 7 Please use the space below to explain each seo and show subcort for our calculations On January 1, 2018 Bridgeport Ltd. purchased equipment for $752.000. The equipment was assumed to have an verwenden was to be depreciated using the straight-line method On January 1, 2020, Bridgeport's management became concerned that the moment me become obsolete Management calculated that the undiscounted future net cash flows from the equipment was 55-40.500, the discounted future et nows was $479,400, and the current fair value of the equipment was $470,000 and the cost to sell wassero 3 4 5 Instructions a) Record the journal entry to record the impairment loss, if any using the cost recovery impairment model. Assume that Bridgeport is song ASPE determine whether there is impairment or not. You must show all the steps in the impairment test to achieve fumars14 mans) b) Record the journal entry to record the impairment loss, if any using the national entity impairment model. Assume that Bridgeport is to determine whether there is impairment or not. You must show all the steps in the impairment test to achieve fu marks. (4 marks) 6 7 Please use the space below to explain each seo and show subcort for our calculations