2. Presented below is information related to equipment owned by Suarez Company at December 31, 2023. Assume that Suarez will continue to use this asset in the future. As of December 31, 2023, the 52 equipment has a remaining useful life of 4 years. 53 54 Cost $9,000,000 55 Accumulated depreciation to date 1,000,000 56 Expected future net cash flows 7,000,000 57 Fair value 4,800,000 1] Perform a recoverability test for the asset.Calculate the estimated cost of the inventory on May 31. [2] Measure the impairment loss of the asset. 76 77 [3] Prepare the journal entry (if any) to record the impairment of the asset at December 31, 2023. 78 Dr. 79 Cr. 30