Rhino Corporation is a manufacturer of automobile parts. Its capital assets include specialized equipment that is being used in the finishing stage of its manufacturing process. The equipment was purchased in 2019 and is being depreciated using the units of production method. By December 31, 2020, the book (carrying) value was $430,000 (after depreciation expense had been recorded). However, at that time, Rhino became aware of new technology that would make the equipment obsolete within the next five years. An assessment determines that the equipment's future net operating cash flows will be $370,000 and its residual value will be $20,000. The equipment's fair value is $300,000. While considering its options for the eventual replacement, Rhino will continue using the equipment, but will change to straight-line depreciation. Instructions Assuming Rhino is a private Canadian corporation that uses ASPE, a) Determine if the equipment is impaired. Show your work. b) Assume the equipment is impaired. Prepare the journal entry, if any, to record the impairment loss at December 31, 2020. c) Prepare the journal entry to record 2021 depreciation