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PROBLEM 2 On December 31, 2020, Injae Co. tested its equipment for impairment. The entity is using the cost model in accounting for PPE. The following information was determined on this date: Carrying amount, 12/31/2020 (remaining useful life of 5 years) 1,000,000 Fair Value 800,000 Costs of disposal 80,000 Present value of future cash flows of the asset 700,000 Required: a. Compute the asset's recoverable amount. b. Compute the impairment loss to be presented in the 2020 Statement of Comprehensive Income. C. Assume in the following period, December 31, 2021, the following information were gathered: Fair Value 750,000 Costs of disposal 50,000 c.1 Compute the revaluation increase in 2021 to be presented as a component of profit or loss. c.2 What is the asset's carrying amount after the revaluation