Question 20 Sace itd. is a publicly listed company following IFRS. Assume that on December 31, 2020, the carrying amount of land on the statement of financial position (SFP) is $525,000 Management determines that the land's value in use is $440,000 and that the fair value less costs to sell is $395.000 Using the rational entity impairment model, prepare the journal entry required, if any, to record the impairment loss. (Credit account titles are automatically indented when the amount is entered the hot indenta lly. If he entry is required, select "No Entry for the account titles and enter for the amounts) Debit Crede Date Account Titles and Explanation December 31, 2020 Due to an economic rebound in the wea, by the end of the following year the land has a value is use of $570,000 and fair value less costs of disposal of $45.000. Prepare the journal entry required, if any, to record the increase in its recoverable amount (CRNE account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry for the countries and enter for the amounts) Obat Account Titles and Explanation December 31, 2021 cated