Impairment testing A company has a machine asset with a net book value of $15,500 and estimates the future cash flows to be received over the asset's remaining life to be $10,000 The fair market value of the asset is $9,500. Which of the following is true? Multiple Choice Debit impairment loss for $5,500 There is no impairment recorded because the asset's carrying value exceeds the four market value There is no impairment recorded because the asset's carrying value exceeds the fair market value. Credit Impalment loss for $10,000 Debit Impairment loss for $6,000. There is no impairment recorded because the asset's future cash flows exceeds its carrying value