Part A [9 marks]: On January 1, 2022, SNN Group purchased equipment for $500,000. This equipment is expected to have a 10-year useful life with no residual value. SNN chooses to revalue the equipment (i.e., revaluation model) and use the elimination method for the accumulated depreciation at the end of every year. SNN has the following information related to the equipment: Required: (a) Prepare journal entries related to the equipment at the end of 2022.(Note:journal entry for purchase is not needed) [4 marks] (b) Prepare journal entries related to the equipment at the end of 2023 [5 marks] Part B [8 marks]: Clark Corp. has $30 million of goodwill on its book from the 2010 acquisition of Bix Ltd. Clark owns 100% of Bix, and records Bix assets at historical cost. At the end of 2016 fiscal year, the annual goodwill impairment test reveals the following information: Fair value of Bix less costs-to-sell $790 million Book value of Bix net assets (including the goodwill of $30 million) $850 million Present value of estimated future cash flows from Bix's operations. $800 million Required: (a) Prepare the journal entry for impairment loss that Clark Corp. should recognize according to International Financial Reporting Standard (IFRS) in 2016. Show necessary calculation. For this journal entry, if it is necessary, use the name "Identifiable Assets" to represent all the identifiable assets of Bix that need impairment. Show necessary calculations. [4 marks] (b) During the fiscal year 2017, the depreciation expense related to Bix Assets was $80 million. This depreciation would have been S82 million if there was no impairment in the previous year. Because of a sudden change in government regulation, Clark Corp. makes the following assessments at the end of fiscal year 2017: Fair value of Bix less costs-to-sell $760 million Present value of estimated future cash flows from Bix's operations. $750 million Prepare the journal entry to record any impairment loss or impairment loss reversal in 2017. For this journal entry, if it is necessary, use the name "Identifiable Assets" to represent all the identifiable assets of Bix that are impaired. Show necessary calculations. [4 marks]