Impairment of an individual asset, calculating value‐in‐use  LO3, 4 Arrow Ltd acquired a machine for $250 000 on 1 July 2019. It depreciated the asset at 10% p.a. on a straight‐line basis. On 30 June 2021, Arrow Ltd conducted an impairment test on the asset. It determined that the asset could be sold to other entities for $154 000 with costs of disposal of $2000. Management expect to use the machine for the next 4 years with expected cash flows from use of the machine being as follows. 2021 $80 000 2022 60 000 2023 50 000 2024 40 000 The rate of return expected by the market on this machine is 8%. Required Assess whether the machine is impaired. If necessary, provide the appropriate journal entry to recognise any impairment loss.