Wings of Love (WOL) is in the business of manufacturing airplanes. WOL has a December 31 year end and uses the cost model to account for its property, plant, and equipment. The company has a piece of machinery called a rolling platform with a cost of $2,000,000 and accumulated depreciation of $540,000 as of December 31, 2020. Recently, the lead aircraft engineer has been noticing worsening performance of this machine and thus the company has decided to review it for possible impairment and provides you with the following information at December 31, 2020: Future undiscounted cash flows from asset's use Future undiscounted cash flows from asset's eventual disposal Total future discounted cash flows (use and eventual disposal) Fair market value, 31-Dec-2020 Costs to sell, 31-Dec-2020 Required: Start this question on a new page. 1,470,000 10,000 1,325,000 1,300,000 12,000 Determine if the asset is impaired at December 31, 2020 and prepare the necessary impairment journal entries, if any, assuming the company uses: a) ASPE. [3 marks] b) IFRS. [4.5 marks] Be sure to clearly state your conclusion on whether or not the asset is impaired under both frameworks and show all of your calculations to obtain full marks.