Required: 1. Prepare schedules to determine whether, at the end of 2019, the machinery is impaired and, if so, the impairment loss to be recognized. 2. If the machinery is impaired, prepare the journal entry to record the impairment. 3. If Vallahara uses IFRS and determines that the fair value of the machinery is $200,000 and that it would cost $10,000 to sell the machine, how much would the company recognize as the impairment loss? 4. Assu ing that the recoverable amount of the machinery is determined to be $220,000 at the end of 2020. what entry will Vallahara make to record 2. If the machinery is impaired, prepare the journal entry to record the impairment. 3. If Vallahara uses IFRS and determines that the fair value of the machinery is $200,000 and that it would cost $10,000 to sell the machine, how much would the company recognize as the impairment loss? 4. Assuming that the recoverable amount of the machinery is determined to be $220,000 at the end of 2020, what entry will Vallahara make to record this increase in value under U.S. GAAP? Under IFRS