Problem 3 (15 points) Ruas company acquired a piece of equipment in Year 1 at a cost of $100,000. The equip has a 10-year estimated life, zero salvage value, and is depreciated on a straight-line bas Technological innovations take place in the industry in which the company operates in ea Atlas gathers the following information for this piece of equipment at the end of Year Expected future undiscounted cash flows from continued use $59,000 Present value of expected future cash flows from continued use 51,000 Net selling price in the used equipment market 50,000 At the end of Year 6, it is discovered that the technological innovations related to this equipment are not as effective as first expected. Atlas estimates the following for this piece of equipment at the end of Year 6: Expected future undiscounted cash flows from continued use Present value of expected future cash flows from continued use Net selling price in the used equipment market $50,000 44,000 42,000 Required: 1. Using IFRS, determine the amount at which Atlas Company should carry this piece of equipment on its balance sheet at December 31, Year 4 Year 5, and Year 6. Prepare any related journal entries. 2. Using US GAAP, determine the amount at which Atlas Company should carry this piece of equipment on its balance sheet at December 31, Year 4 Year 5, and Year 6. Prepare any related journal entries