(Part 2 only please!)

As a result of its annual assessment of property, plant, and equipment for indications of impairment, an entity determines that equipment with a carrying amount of $44,000 (cost of $59,000; accumulated depreciation of $15,000 ) may be impaired due to technological obsolescence. Assume that the asset's value in use is determined to be $35,900 and its fair value less costs of disposal (of \$1,900) is $38,700. In addition, the expected future undiscounted net cash flows from the use of the asset and its later disposal are estimated to be $41,800. (a1) Your answer is correct. Compare the accounting for impairment of the equipment under IFRS versus ASPE. Prepare the entry to record the impairment loss under both sets of standards. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. List all debit entries before credit entries.) IFRS: ASPE