On January 1,2018 , Parneet Fitness Centre paid $690,000 for exercise equipment that had an estimated useful life of 32 years and an expected residual (salvage) value of $50,000. Parneet uses straight-line depreciation. An appraisal of the equipment on December 31,2022 indicated a fair market value of $400,000 and a residual (salvage) value of $26,000. Instructions: a) Determine the annual depreciation expense for each year up to 2022. (1 mark) b) Determine the carrying amount (net book value) on December 31,2022 . (1 Mark) c) Determine any impairment loss on December 31,2022 . If there is one, prepare the journal entry to record it. Assume all amounts are material (substantial ) to Parneet. (1 Mark) d) Compare the accounting procedures for the reversal of impairment losses under ASPE and IFRS