Cullumber Snowboarding Company, a public company, purchased equipment on January 10,2020 , for $730,000. At that time, management estimated that the equipment would have a useful life of 10 years and a residual value of $50,000. Cullumber uses the straight-line method of depreciation and has a December 31 year end. Cullumber tested the equipment for impairment on December 31, 2024, after recording the annual depreciation expense. It was determined that the equipment's recoverable amount was $316,000, 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. Cullumber Snowboarding Company, a public company, purchased equipment on January 10,2020 , for $730,000. At that time, management estimated that the equipment would have a useful life of 10 years and a residual value of $50,000. Cullumber uses the straight-line method of depreciation and has a December 31 year end. Cullumber tested the equipment for impairment on December 31, 2024, after recording the annual depreciation expense. It was determined that the equipment's recoverable amount was $316,000, 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