Super Computers Inc. (SCI) is a publicly accountable enterprise that manufactures computer microchips. It is conducting various impairment tests in concert with the preparation of its financial statements for the year ended December 31, 2016. Management is concerned that due to the recent introduction of more mechanized production equipment, it is possible that the value of one of SCIs machines is impaired. SCI uses the cost model to account for the machine and is depreciating it on a straight-line basis over four years.

Other relevant information follows:

Original cost	$2,400,000
Accumulated depreciation	600,000
Estimated residual value	0
Fair value December 31, 2016	1,400,000
Costs to sell	50,000
Incremental cash flow 2017	550,000
Incremental cash flow 2018	550,000
Incremental cash flow 2019	550,000
Incremental cash flow 2020 and later	0
Risk-adjusted cost of capital	9%

Required:

1. Determine whether the asset is impaired under ASPE as at December 31, 2016, and, if so, prepare the journal entry.
2. Determine whether the asset is impaired under IFRS as at December 31, 2016, and, if so, prepare the journal entry.
3. Management determined that the fair value less costs to sell off the machine as at December 31, 2017, was $975,000. Prepare the required journal entry, if any assuming reporting under ASPE.
4. Management determined that the fair value less costs to sell off the machine as at December 31, 2017, was $975,000. Prepare the required journal entry, if any assuming reporting under IFRS.