In the 30 June 2021 annual report of Neeta Ltd, the equipment was reported as follows: Equipment (at cost) 400,000 Accumulated depreciation 120,000 280,000 The finance manager determined that the asset's value in use is $270,000 while the fair value of the asset is $280,000. It was estimated that the cost to sell is $5,000. The asset has a remaining useful life of 7 years. Determine whether the asset is impaired and if so, record the impairment entries.