The information that follows relates to equipment owned by Sweet Acacia Limited at December 31, 2020:

Cost		$8,460,000
Accumulated depreciation to date		940,000
Expected future net cash flows (undiscounted)		6,580,000
Expected future net cash flows (discounted, value in use)		5,969,000
Fair value		5,828,000
Costs to sell (costs of disposal)		47,000

Assume that Sweet Acacia will continue to use this asset in the future. As at December 31, 2020, the equipment has a remaining useful life of four years. Sweet Acacia uses the straight-line method of depreciation.

(b) Your answer is partially correct. Repeat the requirements in (a) above assuming that Sweet Acacia 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 for the amounts.) Debit Credit 1692000 No. Date Account Titles and Explanation December (1) 31, 2020 Loss on Impairment Accumulated Impairment Losses - Equipment December (2) Depreciation Expense 31, 2021 1692000 1457000 Accumulated Depreciation - Equipment 1457000 (3) December 31, 2021 Depreciation Expense 0 Accumulated Depreciation - Equipment