The information that follows relates to equipment owned by Sweet Acacia Limited at December 31, 2020: Cost $11,160,000 Accumulated depreciation to date 1,240,000 Expected future net cash flows (undiscounted) 8,680,000 Expected future net cash flows (discounted, value in use) 7,874,000 Fair value 7,688,000 Costs to sell (costs of disposal) 62,000 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. 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 0 for the amounts.)