Fillepeel Manufacturing, Inc. has only one plant asset used in production. The asset had a cost of $500,000 and has been depreciated for 2 full years since the date of acquisition. This accounting resulted in a total accumulated depreciation of $200,000. The firm expects the asset to be productive for an additional 3 years and projects the asset's future cash flows to be $120,000 per year. Information about the company's products indicates that the asset might be impaired. Should the firm record an impairment loss for the current year? (Provide supporting computations.) First, calculate the carrying value of the asset using the table below. Less: Carrying value of asset Next, conduct an impairment test for the asset using the table below