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Lindenauer Corp. bought a machine on January 1, 2008 for $800,000. The machine had an expected life of 20 years and was expected to have

Lindenauer Corp. bought a machine on January 1, 2008 for $800,000. The machine had an expected life of 20 years and was expected to have a salvage value of $40,000. The company does not plan to dispose of the machine but does believe it may be impaired. On July 1, 2018, the company reviewed the potential of the machine and determined that its future net cash flows totaled $350,000 and its fair value was $230,000.

Calculate the impairment loss, if any, as of July 1, 2018 and prepare any journal entry needed

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