please help ASAP

use the same order

Instructions On January 1, 2014, Borstad Company purchased equipment for $1,180,000. It is depreciating the equipment over 25 years using the straight-line method and a zero residual value. Late in 2019, because of technological changes in the industry and reduced selling prices for its products, Borstam believes that its equipment may be impaired and will have a remaining useful life of 8 years. Borstad estimates that the equipment will produce cash inflows of $400,000 and will incur cash outflows of $295,000 each year for the next 8 years. It is not able to determine the fair value of the equipmen based on a current selling price. Borstad's discount rate is 12%. Required: 1. Prepare schedules to determine whether, at the end of 2019, the equipment is impaired and, if so, the impairment loss to be recognized. 2. Prepare the journal entry to record the impairment. 3. Next Level How would your answer to Requirement 1 change if the discount rate was 16% and the cash flows were expected to continue for 6 years? 4. Next Level How would your answer change it management planned to implement efficiencies that would save $10,000 each year? 5. Refer to Requirement 1 and assume that the company uses IFRS. It determines that the fair value of the equipment is $570,000 and estimates that it would cost $17,000 to sell the equipment. How much would the company recognize as the impairment loss? 1 Book Value: 2 Equipment (cost) $1,180,000.00 236,000.00 3 Less: Accumulated Depreciation 4 Undiscounted expected net cash flows: 5 Undiscounted expected net cash flows $840,000.00 Points: Borstad Company Score: 4/11 Impairment Analysis (US GAAP) December 31, 2019 1 Fair Value: 2 Present Value of the Expected Net Cash Flows $521,602.00 3 Equipment (book value) 4 Impairment Loss (if any) Feedback Check My Work 3. How would your answer to Requirement 1 change if the discount rate was 1695 and the cash flows were expected to continue for 6 years? Additional Instructions -$653,827 X if the discount rate was 16% and the cash flows were expected to Borstad Company would recognize a loss of continue for 6 years. Points: 0/1 Next Level Shaded cells have Borstad Company Score: 4/14 Recoverability Test December 31, 2019 1 Book Value: 2 Equipment $1,180,000.00 3 Less: Accumulated Depreciation 236,000.00 4 Book Value $944,000.00 5 Undiscounted expected net cash flows: 6 Undiscounted expected net cash flows $630,000.00 Borstad Company Score: 0/19 Impairment Analysis (IFRS) December 31, 2019 $1,180,000.00 (391,000.00) Fair Value of Equipment Costs to sell Book Value of Equipment Impairment Loss (if any) 944,000.00 $(391,000.00)