Boston Inc. bought a new snow-melting machine on March 1, 2013 for $100,000. Boston expected to use the snow-melter for five years, and expected it to be worth $10,000 as salvage at the end of the five years. However, there was so much snow to melt that the company is afraid that most of the snow-melters services are used up by March 1, 2015. Boston has been using straight-line depreciation, and is a March 1 fiscal year end company. As of March 1, 2015, the bookkeeper estimates that the snow-melter will generate future cashflows of $50,000, or could be sold for $45,000. Give the journal entries to record the impairment loss and annual depreciation for 2015.