At the next management team meeting, Bruce & Emmett express some concern that any new equipment acquired to replace the old equipment may become obsolete within the next three to six years. Bruce & Emmett want to know how the accounting rules for impairments would apply to any new equipment. Research the accounting literature $($e$.$g$.,$ access the FASB Codification$),$ to determine the official guidance for information on impairments including the timing and calculation of the amount. Be sure you describe the reasons for recording impairments and how recording any impairment actually can benefit the financial statements.