The information that follows relates to machine owned by Gnome Limited at December 31,2020: Cost 2,500,000 Accumulated depreciation to date 500,000 Expected future net cash flows {undiscounted} 1,750,000 Expected future net cash flows (discounted, 1iralue in use} 1,587,500 Fair value 1,550,000 Costs to sell {costs of disposal} 12,500 Assume that Gnome will continue to use this asset in the future. As at December 31, 2020, the machine has a remaining useful life of four years. Gnome uses the straight-line method of depreciation. Assume that Gnome is a public company and follows IFRS