Blossom Snowboarding Company, a public company, purchased equipment on January 10, 2017, for $820,000. At that time, management estimated that the equipment would have a useful life of 10 years and a residual value of $50,000. Blossom uses the straight-line method of depreciation and has a December 31 year end. Blossom tested the equipment for impairment on December 31, 2021, after recording the annual depreciation expense. It was determined that the equipments recoverable amount was $352,000, and that the total estimated useful life would be eight years instead of 10, with a residual value of $10,000 instead of $50,000.