Impairment Loss On July 1, 2012, Okin Company purchased equipment for $325,000; the estimated useful life was 10 years and the expected salvage value was 25.000. Straight-ine depreciation is used. On july 1.2016, economic factors cause the market value of the equipment to decrease to $90.000 On this date, Okin evaluates if the equipment is impaired and estimates future cash flows relating to the use and disposal of the equipment to be $195,000. a. is the equipment impaired at July 1. 2016? b. If the equipment is impaired at jly 1, 2016, calculate the amount of the impairment loss mpairment loss-$ c. If the equippment is impaired at july 1.2016, prepare the journal entry to record the impairment loss General Journal Debit Credit July1 To record impairment loss on equipment