Bison Transportation has a December 31 year end and uses straight-line depreciation for all property, plant and equipment. On July 1, 2012, the company purchased equipment on account for $500,000. The equipment had an expected useful life of 10 years and no residual value. On December 31, 2015, after recording depreciation, Bison reviewed its equipment for possible impairment. Bison determined that the equipment had a recoverable amount of $225,000. a) Prepare the journal entries to record the asset purchase in 2012 and to record the depreciation expense at the end of 2012. b) Determine if there is an impairment loss at December 31, 2015, and if any, prepare a journal entry to record it. c) Calculate and record the depreciation expense for 2016 (round to nearest dollar).