Cheyenne Corporation uses special strapping equipment in its packaging business. The equipment was purchased in January 2016 for $8.200 million and had an estimated useful life of 8 years with no residual value. In early April 2017, a part costing $717,500 and designed to increase the machinery’s efficiency was added. The machine’s estimated useful life did not change with this addition. By December 31, 2017, new technology had been introduced that would speed up the obsolescence of Cheyenne’s equipment. Cheyenne’s controller estimates that expected undiscounted future net cash flows on the equipment would be $5.166 million, and that expected discounted future net cash flows on the equipment would be $4.756 million. Fair value of the equipment at December 31, 2017, was estimated to be $4.592 million. Cheyenne intends to continue using the equipment, but estimates that its remaining useful life is now four years. Cheyenne uses straight-line depreciation. Assume that Cheyenne is a private company that follows ASPE 2 a)repare the journal entry to record asset impairment at December 31, 2017, if any b)repare the journal entry to record asset impairment at December 31, 2017, if any c)repare the journal entry to record asset impairment at December 31, 2017, if any d) Repeat part (b), assuming that the equipment is designated as "held for sale" as of January 1, 2018, and that the equipment was not in use in 2018 but was still held by Cheyenne on December 31, 2018 e) Repeat parts (a) and (b), assuming instead that Cheyenne is a public company that prepares financial statements in accordance with IFRS

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a Prepare the journal entry to record asset impairment at December 31 2017 Impairment Loss Carrying ... View the full answer