On January 1, 2018, Bridgeport, purchased equipment for 5824000. The equipment was assumed to have an 8-year for We and to residual value was to be depreciated using the straight-line method. On January 1, 2020. Bridgeport's management became concerned that the equipment may have be 2 obsolete. Management calculated that the undiscounted future net cash flows from the equipment was $592250, the discounted future net cash flows $325.300, and the current fair value of the equipment was $515.000 and the cost to sell was zero. 5 3 Instrwchiens a) Record the journal entry to record the impairment loss, if any using the cost recovery impairment model. Assume that Bridgeport is applying A determine whether there is impairment or not. You must show all the steps in the impairment test to achieve full marks. (4 marks) b) Record the journal entry to record the impairment loss, if any using the rational entity impairment model. Assume that Bridgeport is applying determine whether there is impairment or not. You must show all the steps in the impairment test to achieve full marks. (4 marks) Please use the space below to explain each step and show support for your calculations. pairment (14) New