Impairment testing A company has a factory building asset with a net book value of $58,000 and estimates the future cash flows to be received over the asset's remaining life to be $29,000. The fair market value of the asset is $27.00. Which of the following is true? Multiple Choice There is no impairment recorded because the asset's future cash flows exceeds its carrying value There is no impairment recorded because the asset's carrying value exceeds the fair market value O Debit impairment loss for $29,000 Debit impairment loss for $31,000. Credit impairment loss for $29,000