The information that follows relates to equipment owned by Elonita Limited at December 31, 2020: Cost $6,660,000 Accumulated depreciation to date 740,000 Expected future net cash flows (undiscounted) 5,180,000 Expected future net cash flows (discounted, value in use) 4,699,000 Fair value 4,588,000 Costs to sell (costs of disposal) 37,000 Assume that Bonita will continue to use this asset in the future. As at December 31, 2020, the equipment has a remaining useful life of four years. Bonita uses the straight-line method of depreciation. (a)