(b) 200.11 An asset which cost $200,000 on 1 January 2020 is being depreciated on the straight line basis over a five year period with an estimated residual value of $40,000. The company which owns the asset has conducted an impairment review at 31 December 2021 and estimates that the asset will generate the following cash flows over the remainder of its useful life: 2011.12.31 Year Inflows Outflows $000 $000 2022 45 5 4.. 2023 2024 535 5 30. 60 5 55. The cash inflow for 2024 includes the estimated residual value of $40,000. The asset could be sold on 31 December 2021 for $110,000. Disposal costs would be $6,000. Required: Determine the impairment loss, if any, of the asset assuming a discount rate of 8% Discount factors: year 1-0.926; year 2-0.857; year 3-0.794- (10 marks) (Total 20 marks)