Assignment details: Antony Company, a successful efforts company, has 100% of the working interest in a filed in Texas. The filed constitutes a cost center and is also an asset group for purposes of testing for impairment. In 2019, the price of oil dropped significantly; therefore, Antony must test for impairment. The table below reflects Antony's latest expected cash flows and risk-free rates for the remainder of the life of the filed. Year Total Net Cash Flows Probability Credit-Adjusted Estimate(Market) Assessment Risk-Free Rate (million $) 2020 $100.0 30% 90.9 60% 85.3 10% 6.2% 2021 91.2 50% 88.30 20% 75.4 30% 6.9% 2022 87.5 70% 91.80 20% 75.4 10% 7.10% 2023 62.4 55% 50.2 20% 45.8 25% 6.7% 2024 45.9 80% 55.5 10% 36.0 10% 5.5% 2025 31.6 60% 21.0 20% 15.4 20% 6.1% Required: a. Assume that Antony's carrying value for the filed is $300 million. Determine whether Antony must book impairment and, if so, record the necessary journal entry. b. Assume that Antony's carrying value for the field is $400 million. Determine whether Antony must book impairment and, if so, record the necessary journal entry