2 A company acquired a new high-tech printing press on January 1, 2008 for $90,000. At that time, the company estimated the press would have a six-year life and salvage value of $6,000. The company uses the straight-line depreciation method for all its equipment. In December 2009, a newer high-tech printing press is introduced in the market. The company controller is concerned that the value of the press may be impaired. The controller has provided you with the following data as of December 2009 and asked you to determine if there is any impairment using US GAAP or IFRS. Scrap value should be reduced to $4,000. Expected future undiscounted cash flows from operating the press are $51,000. Discounted net present value of expected cash flows from the press is $49,000. Net fair value of the press at December 31, 2009 is $45,000