The information that follows relates to equipment owned by a publicly traded company at December 31, 2020: Cost $9,500,000 Accumulated depreciation to date $5,700,000 Appraised value $3,750,000 Costs to sell (costs of disposal) $50,000 Expected future net cash flows (undiscounted) $7,000,000 Expected future net cash flows (discounted) $3,625,000 Assume that the company will continue to use this asset in the future. As at December 31, 2020, the equipment has a remaining useful life of four years. Gaurav uses the straight-line method of depreciation and this amount has not been accrued yet for the current year. 1. Prepare an analysis and journal entries (if any) for the year end impairment test. 2. How would this change if the company was not publicly traded