ABC Co. acquired a piece of equipment in the Year at a cost of $100, 000. The equipment ahs a 7-year estimated life, zero salvage value, and is depreciated on a straight-line basis. Technological innovations take place I the industry in which the company operates in Year 2. ABC gathers the following information of this piece of equipment at the end of year 2. Expected future undiscounted cash flows from continued use ...............$69, 000 Present value of expected future cash flows from continued use ...............61, 000 Net selling price in the used equipment market ............... 60, 000 At the end of Year 6, it is discovered that the technological innovations related to this equipment arc not as effective as first expected. ABC estimates the following information of this piece of equipment at the end of Year 6. Expected future undiscounted cash flows from continued use............... $60, 000 Present value of expected future cash flows from continued use...............55, 000 Net selling price in the used equipment market...............52, 000 Discuss whether Quick Company must conduct an impairment test on this piece of equipment at December 31, Year. 2. If there is impairment, show calculations and journal entries for Year 2. Determine the amount at which Quick Company should carry this piece of equipment on its balance sheet at December 31, Year 3, Year 4; December 31, Year 5; and December 31, year 6. Prepare any related journal entries