On nay, 2016, Bricheport Utd. purchased equipment for $896,000. The equipment was assumed to have an B year useful life and no residual value and was to be depreciated using the straight line method. On lanuary 1, 2020, Bridgeport's management becarne concerned that the equipment may have become obsolete Management calculated that the undiscounted future net cash flows from the equipment was $644,000, the discounted future net cash nows was $571,200, and the current fair value of the equipment was $560,000 and the cost to sell was zero. retractions Record the journal entry to record the impairment loss, if any using the cost recovery impairment model. Assume that Bridgeport is applying ASPE to 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 IFRS to determine whether there is impairment or not. You must show all the steps in the impairment test to achieve full marks. (4 marks) use the space below to explain cach step and show support for your calculations il Impairment (12) New 24 Please provide your complete journal entries (omit explanations) in the table below. 25 Date Accounts Debit Credit 26 27 28 29 30 31 32 33 34 35 36 37 38 39