Please answer the following question below:

Madison Company acquired a depreciable asset at the beginning of 2018 at a cost of $20 million. At December 31, 2018, Madison gathered the following information related to this asset:

Carrying amount (net of accumulated depreciation): $18 million

Fair value of the asset (net selling price): $17.5 million

Sum of future cash flows from the use of the asset: $20 million

Present value of future cash flows from the use of asset: $18 million

The remaining useful life of the asset: 9 years

Required: Write down the journal entry at the end of 2018

1) Follow IFRS

2) Follow US GAAP