Use the following information to answer the next (2) questions:

Pitchfork, Inc. has the following equipment reported on their year-end balance sheet at December 31, 20x1. Conditions warrant that it be reviewed for potential impairment. Use the following information to answer the next (2) questions:

Asset	Classification	Purchase Price	Accumulated Depreciation	Expected Future Cash Flows (undiscounted)	Fair Value	Remaining Useful Life
Equip FJ-670	Operating Asset continue in use	$1,200,000	$541,500	$120,000/year	$595,000	6 years

1. Assume Pitchfork complies with U.S. GAAP reporting standards. Determine the amount of the impairment loss (if any):

2. Assume instead that Pitchfork follows IFRS reporting standards. Determine the impairment loss for Equipment FJ-670 (if any). Assume Pitchfork determines a discount rate of 8% is appropriate to find the present value of the cash flows for this asset. The PVOA (8%, 6n) is 4.6229. Pitchfork does not anticipate any salvage value. Additionally, the company estimates a cost to sell for the asset is equal to 5% of its Fair Value. Impairment Loss: