. . You are performing the accounting work for an item of equipment that is potentially impaired. You are trying to the calculate the value in use (VIU) in accordance with IFRS. The following information is available: The equipment is being accounted for under the Cost Model. The original cost of the equipment is $2,300,000 and the useful life is 10 years with a residual value of $70,000. At the end of year 7 of using the asset, the fair value of the equipment has been determined to be $1.600.000 If sold, the company would incur legal fees and brokerage fees - $30,000 Future net operating cash flows associated with the asset for the remaining 3 years of useful life are expected to be Year 8 = $1,100,000; Year 9 = $1,000,000; Year 10 - $800,000. Assume that all cash flows occur at the end of the year The discount rate, if applicable, is 6%. What should be the VIU of this equipment at the end of year 7? Round your answer to the nearest whole dollar. Do not use commas, symbols/units (eg. $, %) or spaces in your answers. For example, one thousand five hundred and twenty-three Morr should be entered as 1523. The Canvas system may enter a comma for you. That is fine. Leave it