please answer the questions in order and clearly

On January 1, 2014, Borstad Company purchased equipment for $1,200,000. It is depreciating the equipment over 25 years using the straight-line mothod and a zero residual value. Late in 2019, because of technological changes in the industry and reduced selling prices for its products, Borstad belioves that its equipment may be impaired and will have a remaining useful life of 8 years. Borstad estimates that the equipment will produce cash inflows of $420,000 and will incur cash outhows of $307,000 each year for the next 8 years. It is not able to determine the fair value of the equipment based on a current selling price. Borstad's diacount rate is 14%. Required: 1. Propare schedules to determine whether, at the end of 2019 , the equipment is impaired and, if so, the impairment loss to be recognized. 2. Propare the joumal entry to record the impaiment. 3. Next Level How would your answer to Requirement 1 change if the discount rate was 18% and the cash flows were expected to continue for 6 yoars? 4. Next Level How would your answer change if management planned to implement efficiencies that would save $11,000 each year? 5. Refer to Requirement 1 and assume that the company uses IFRS. It determines that the fair value of the equipment is $573,000 and estimates that it would cost $13,000 to sell the equipment. How much would the company recognize as the impaliment loss? 3. How would your answer to Requirement 1 change if the discount rate was 18% and the cash flows were expected to continue for 6 years? Actitiocul instruction Boctad Company would recognize a loss of If the discount rate was 18% and the cash flows wore expocted to continue for 6 years. 4. How would your answer change if management planned to implement efficiencies that would save $11,000 each year? Step 1: Complete the Recoverability Test below. Additional Instructions Question not attempted. Question not attempted. 5. Refer to Requirement 1 and assume that the company uses IFRS. It determines that the fair value of the equipment is 5573,000 and estimates that it would cost $13,000 to sell the equipment. How much would the company recognize as the impairment loss? Question not attempted