Q4-(25 Marks) Presented below is information related to equipment owned by Asia Company at December 31, 2019. Cost BHD 7,000,000 Accumulated depreciation to date 1,500,000 Value-in-use 5,000,000 Fair value less cost of disposal 4,400,000 Assume that Asia Company will continue to use this asset in the future. As of December 31, 2019, the equipment has a remaining useful of 4 years. Required 1. Prepare the journal entry (if any) to record the impairment of the asset at December 31, 2019. 2. Prepare the journal entry to record depreciation expense for 2020. 3- The recoverable amount of the equipment at December 31, 2020, is BHD 5,250,000. Prepare the journal entry (if any) necessary to record this increase 4. Explain for Asia Company's management: a. How to determine whether an asset is impaired on annual basis. b. How gains or losses on impaired assets should be reported in the income statement *** END OF QUESTIONS ***