Mike purchased a piece of manufacturing equipment on January 1, 20X1 for $250,000. The equipment has been depreciated using the straight-line method with a 10-year useful life and no residual value. At the beginning of 20X6, Mike estimates that the equipment has a remaining useful life of 5 years, that net cash inflow from the equipment will be $18,000 per year, and that the fair value of the equipment is $110,000.

Determine whether the equipment is impaired. If so, what is the amount of impairment loss recorded in 20X6?