Question TWO Joe Blogs Ltd prepares its accounts to 31 December. The company has carried out an impairment test on a piece of equipment as detailed below. Carrying amount (value) 600,000 Fair value 550,000 Estimated cost of selling the equipment 20,000 Discounted value of estimated net cash flow from the use of the equipment 540,000 Required. Calculate the amount of impairment loss (if any) and state how this is reported in the financial statements of the company for the year ended 31 December 2020