The information that follows relates to equipment owned by Headlands Limited at December 31, 2023: Cost Accumulated depreciation to date $7,740,000 860,000 Expected future net cash flows (undiscounted) 6,020,000 Expected future net cash flows (discounted, value in use) 5,461,000 Fair value 5,332,000 Costs to sell (costs of disposal) 43,000 Assume that Headlands will continue to use this asset in the future. As at December 31, 2023, the equipment has a remaining useful life of four years. Headlands uses the straight-line method of depreciation. (a) Question Part Score (b) Your answer is partially correct. Repeat the requirements in part (a) above assuming that Headlands is a public company that follows IFRS. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts. List all debit entries before credit entries.) Date December Account Titles and Explanation Loss on Impairment 31, 2023 Accumulated Impairment Losses - Equipment December Depreciation Expense 31, 2024 Accumulated Depreciation - Equipment Debit 2,322,000 1,354,500 December 31, 2024 Accumulated Impairment Losses - Equipment 172,000 Recovery of Loss from Impairment Credit 2,322,000 1,354,500 172,000 6/6