Acer Company feels that its production machinery may be impaired due to obsolescence. The machinery was originally purchased for $8,000,000 and to date the company has claimed $3,000,000 of depreciation on the machine. Management has estimated that the machine will generate future cash flows of $4,200,000. Research has indicated that the machine has a current market value of $2,400,000. Prepare any journal entry(ies) needed as a result of the information presented above. Justify your answer..