The information that follows relates to the assets of Canadian Company as at December 31, 2020 (their year-end). Canadian Company has the following asset that has been identified as needing to be tested for impairment. S S S Cost Accumulated depreciation Undiscounted future cash flows Discounted future cash flows (value in use) Fair value Costs to sell Remaining useful life in years Equipment 104,000 58,000 47,000 32,000 34,000 2,200 5 S S S Instructions: Assume Canadian Company follows IFRS: a) Provide any required entries at December 31, 2020 regarding impairment for the Equipment. Assume depreciation for 2020 has already been recorded. If no entry is required comment on why. Supporting rough work must be shown for part marks. Date Description Dr impairmentos 14,000 Accumulated Impirment loss 14,000 Amount 46,000 Show rough work here: Calculation of impirement loss Carrying amount at 31, Dec, 2020($104,000-58,000) Recoerable amount is higher of Value in use $32,000 Fair value less cost to use $31800($34,000-$2200) Impirement loss 32,000 14,000 b) Assume the fair value of the equipment less disposal costs is $39,000 at the end of 2021. Provide any required journal entry to recover impairment at this date. If no entry is required comment on why. Show supporting rough work, if any, for part marks. Date Description Dr Cr Show rough work here