Current Attempt in Progress Gibbon Corp., a Canadian public corporation, owns equipment for which the following year-end information is available: Carrying amount (book value) $59,000 Recoverable amount 52,000 Fair value less disposal costs 55,000 Which of the following best describes the proper accounting treatment for Gibbon's equipment? O It is impaired and a loss must be recognized, but the loss may be reversed in future periods. O It is impaired and a loss must be recognized, with no reversal possible. O It is not impaired, but a loss must be recognized. O It is not impaired and a loss should not be recognized