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Perform the impairment test for the equipment at December

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Reference no: EM132768302

Question - A company is evaluating a piece of equipment for possible impairment. Information relating to the equipment at December 31, 2020:

Original cost $1,000

Accumulated depreciation 200

Undiscounted future cash flows 900

Discounted future cash flows 700

Fair value 620

Costs to sell 20

Required -

1. Perform the impairment test for the equipment at December 31, 2020 assuming IFRS is used. Calculate the impairment loss, if any, for the equipment.

2. Re-perform (a) assuming instead ASPE is used.

Reference no: EM132768302

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