Zoe Incorporated has a large piece of machinery where management has assessed and determined there is potential impairment. This piece of machinery has independent cash inflows. The following information relates to the machine: Carrying amount (book value) S4 million. The machine has a fair value of $3 million and the costs of disposal are estimated to be $100,000. If the machine continues to be used in production, it is anticipated to generate $1.4 million per year of undiscounted net cash flows for the next three years. The value in use or present value of the cash flows is $ 2.8 million. Required: 1. Assume Zoe is a public company following IFRS, is the machine impaired? Explain your answer and if there is impairment, what is the amount of the impairment loss? (5 marks) 2. Assume Zoe is a private company, following ASPE, is the machine impaired? Explain your answer and if there is impairment, what is the amount of the impairment loss