the question is here

PTM Inc. is a manufacturer of automotive parts that prepares financial statements in accordance with IFRS. On September 1, 2020, company management decided to downsize and close a major line of business, the mini-van division. Management approved a formal plan to sell the equipment with a cost of $2,000,000. The equipment is no longer being used and the company has hired a broker in attempt to sell the equipment. The agent has indicated they expect the sale to occur within the next eight to ten months. The equipment has been listed for $1,200,000 and the agent expects 2% commission on the sale. The asset has a carrying value of $1,400,000 on September 1, 2020 and PTM has recorded depreciation up to this date. The company has a December 31 year end. Ignore the impact of income taxes for this question. Required: Start this question on a new page in your response file. Show all analysis and calculations to get full marks. a) Explain if PTM Inc. meets the criteria for reporting the equipment as an asset held for sale. [5 marks] b) Prepare the necessaryjournal entry required during 2020 relating to the decision to sell this equipment. If no journal entry is required, explain why. [3.5 marks] c) Prepare a partial statement of financial position for PTM Inc. showing how the equipment would be presented at December 31, 2020. [1.5 marks] d) Explain how the presentation on the statement of financial position would change, if at all, if PTM Inc. applied ASPE. [1.0 marks]