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-line 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 july 1. 2016, calculate the amount of the impairment loss. Impairment loss $ c. If the equippment is impaired at july 1. 2016. prepare the journal entry to record the impairment loss. General Journal Debit Credit July To record impairment loss on equipment