Identifying and Recording Impairment Loss on Equipment Bolt Company purchased equipment on January 1, 2018, for $34.000. This equipment has an estimated useful life of five years, a residual value of $4,000, and is depreciated using the sum of the years gts method. At the beginning of 2020, Botects that the original investment in the asset will not be realized; the total remaining future cash inflow expected to be produced through use of the equipment including the original residual value is $10,000. The equipment's fair value at January 1, 2020, $7.000. Determine whether the asset is impaired and, if so, the amount of the impairment loss on January 1, 2020. old for the loss Note: If the asset is not impaired, enter a zero cor leave Note: Do not use a negative sign with your ans 59,000 b Compute depreciation for 2020 $6,000 x P