On January 1.2021. Ayayai Ltd. purchased equipment for $888,000. The equipment was assumed to have an 8 year useful life and no residual value and was to be depreciated using the straight-line method. On January 1,2023. Ayayai's management became concerned that the equipment may have become obsolete. Management calculated that the undiscounted future net cash flows from the equipment was $638,250, the discounted future net cash flows was $566,100, and the current fair value of the equipment (after $1.900 costs to sell) was $555,000. Assuming that Ayayai is a private Canadian company following ASPE. identify which model should be used to test for impairment. shouldbe used to test for impairment. Record the journal entry to record the impairment loss, if any. (Credit account tities are outamatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the occoumt titles and enter of for the amounts, List debit entry before credit entry.) Record the journal entry to record the impairment loss. if any. (Credit account titles are outomatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry for the account titles and enter O for the amounts. List debit entry before credit entry.) eTextbook and Media List of Accounts Assuming that Ayayai is a public Canadian company. identify which model should be used to test for impairment. should be used to test for impairment. Record the journal entry to record the impairment loss, if any. (Credit occount titles are outomatically indented when the omount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts. List debit entry before credit entry.)