Question 2 Abud Ltd is a publicly listed software development company and requires the newest technology for software creation. A recent technology boom has caused Abud to wonder whether their current systems are impaired. The following information has been provided to you, Abud's accountant, to calculate impairment (if any) for the 20x3 fiscal year. Cost of tech systems Depreciation on tech systems Current selling price of tech systems Legal costs and commissions to sell Expected useful life of tech systems Expected annual cash flows Internal rate of return (IRR) 1,000,000 600,000 350,000 25,000 3 years 150,000 8% Required: (a) Calculate impairment (if any) to be reported for the 20x3 fiscal year. (b) What impairment (if any) would be reported if Abud reported under ASPE instead of IFRS? (c) Calculate Abud's depreciation expense for tech systems in 20X4 using straight-line depreciation with no residual value. (d) Abud calculates the recoverable amount for tech systems to be 318,000 at the end of 20X4. Calculate any recovery of impairment at the fiscal year end 20X4