Please help me solve this problem . Intermediate accounting

I need help figuring this problem On January 1, 2011, Borstad Company purchased equipment for $1,175,000. It is depreciating the equipment over 25 years using the straight-line method and a zero residual value. Late in 2016, because of technological changes in the industry and reduced selling prices for its products, Borstad believes 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 $440,000 and will incur cash outflows of $323,000 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 discount rate is 16%. Required: Prepare schedules to determine whether, at the end of 2016, the equipment is impaired and, if so, 1. the impairment loss to be recognized. Enter the Accumulated Depreciation amount as a negative number. 2. Prepare the journal entry to record the impairment. 3. Next Level How would your answer to Requirement 1 change if the discount rate was 20% and the cash flows were expected to continue for 6 years? 4. Next Level How would your answer change if management planned to implement efficiencies that would save $12,000 each year? Refer to Requirement 1 and assume that the company uses IFRS. It determines that the fair value of 5. the equipment is $557,000 and estimates that it would cost $19,000 to sell the equipment. How much would the company recognize as the impairment loss? GENERAL JOURNAL DATE ACCOUNT TITLE POST. REF. 1 2 Borstad Company Recoverability Test December 31, 2016 1 Book Value: DEBIT CREDIT 2 Equipment (cost) 3 Less: Accumulated Depreciation 4 Undiscounted expected net cash flows: 5 Undiscounted expected net cash flows The book value is greater than the undiscounted expected net cash flows so Borstad should recognize an impairment loss at December 31, 2016. Complete the Impairment Analysis to determine the amount of the loss (if any) under US GAAP at December 31, 2016. Additional Information Borstad Company Impairment Analysis (US GAAP) December 31, 2016 1 Fair Value: 2 Present Value of the Expected Net Cash Flows 3 Equipment (book value) 4 Impairment Loss (if any) How would your answer to Requirement 1 change if the discount rate was 20% and the cash flows were expected to continue for 6 years? Additional Information Borstad Company would recognize a loss of $ if the discount rate was 20% and the cash flows were expected to continue for 6 years. How would your answer change if management planned to implement efficiencies that would save $12,000 each year? Step 1: Complete the Recoverability Test below. Borstad Company Recoverability Test December 31, 2016 1 Book Value: 2 Equipment 3 Less: Accumulated Depreciation 4 Book Value 5 Undiscounted expected net cash flows: 6 Undiscounted expected net cash flows Step 2: Complete the following statement regarding the Recoverability Test results. The book value is less than the undiscounted net cash flows so Borstad should not recognize an impairment loss at December 31, 2016. Refer to Requirement 1 and assume that the company uses IFRS. It determines that the fair value of the equipment is $557,000 and estimates that it would cost $19,000 to sell the equipment. How much would the company recognize as the impairment loss? Additional Information Borstad Company Impairment Analysis (IFRS) December 31, 2016 1 Fair Value of Equipment 2 Costs to sell 3 Book Value of Equipment 4 Impairment Loss (if any)