Albert Company is located in southwest Ohio. At the end of 2020, Albert Company evaluated that it had equipment that was impaired. It recorded an impairment loss of $270,000. At the end of 2021, the company estimated that the fair value of the equipment was $30,000 more than its estimate of the equipment's fair value at the end of 2020. a. Describe the details of the steps Albert Company should have taken before it recorded an impairment loss in 2020. b. How would the $270,000 impairment loss affect the statement of cash flows for the year ended December 31, 2020? c. What are the accounting implications of the increase in the fair value of the equipment at the end of 2021