QUESTION 21 15 points Save Antwer Atlas Company acquired a piece of equipment in Year 1 at a cost of $100,000 The equipment has a 10 year estimated life, zero salvage value, and is depreciated on a straight-line basis. Technological innovations take place in the industry in which the company operates in Year 4 Atlas gathers the following information for this piece of equipment at the end of Year 4 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 $50,000 Present value of expected future cash flows from continued use 44,000 Net selling price in the used equipment market 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