Greenfield Manufacturing has just learned that one of their pieces of manufacturing equipment, a hydraulic press, is obsolete. Although the machine is still able to be used in the future, Greenfield believes that an impairment write-down may be required. Before the impairment, the equipment had a useful life of 10 years and the press had been used 4 of those 10 years. The following information is provided for the hydraulic press. Required: 1. Prepare the journal entry required to record the impairment loss. 2. Assuming straight-line depreciation method (no salvage value), prepare the journal entry to record the revised derepciation expense for the year following the impairment. Description Hydraulic Press Cost of machine 3,200,000 Accumulated Depreciation (to the date of the impairment test) 1,280,000 Total estimated future cash flows 1,225,000 Total discounted future cash flows 1,060,000 Estimated Fair Value 1,050,000 Cost required to sell 4,000 Remaining life from the impairment date 6 years