3: The following information is for equipment that Seble Company purchased. The equipment was purchased for $500,000 and is expected to be used over 6 years with no salvage value. In Year 1-3, the company expected to generate $90,000 each year of future cash flows. At the end of year 3, the company updated its forecast to only generate $60,000 each year for years 4-6. The interest rate used for present value was 5%. Below is information at the end of year 3 before any impairment is recorded. Book Value End of Sum of Remaining Cash Flows @ End Year Time Annual Cash Flow of Year 0 $500,000 $540,000 1 $90,000 $416,667 $450,000 2 $90,000 $333,334 $360,000 3 $90,000 $250,001 $180,000 (change to $60K for remaining years) 4 $60,000 $166,668 $120,000 5 $60,000 $83,333 $60,000 $60,000 So $0 What are the impacts to the balance sheet and income statement from recording the impairment loss? Note the amount, direction, and accounts impacted. For example: assets decrease by $100 from the use of cash and net income and equity increase by $100 for the revenue earned. (4 points)