Walt anco is a manufacturing company. The Company prepares its financial statements using IFRS, and reports its financial statements as of December 31 of each year. 1 At December 31, 2020, a piece of equipment had a cost of $190,000 and accumulated depreciation of $86,000. As of that date, the equipment could be sold for $70,500 (with costs to sell estimated at $400). Also as of that date, the total estimated future cash flows from use of the equipment are estimated to be $80,000 ($75,000 on a discounted basis). The remaining useful life of the equipment is 6 years at Dec 31, 2020 with no residual value. Required (show all calculations): a) Perform impairment testing on the equipment at Dec 31, 2020 and calculate any impairment loss. Clearly lay out all steps of your impairment test. b) Prepare the journal entry, if any, needed to record impairment at December 31, 2020 based on your answer from (a) c) Show how the equipment would be presented on Erin's statement of financial position at December 31, 2020 after completion of entries above. d) Assume instead that Erin prepared its financial statements using ASPE. Evaluate the equipment for impairment at Dec 31, 2020. Clearly lay out all steps of your impairment test. If the asset is impaired, indicate the amount of impairment loss in 2020 e) Calculate the carrying value of the equipment at Dec 31, 2021: e) Calculate the carrying value of the equipment at Dec 31, 2021: Page 4 of 5 i) li) Under IFRS Under ASPE