Mitson, Inc., owns equipment for which it paid $70 million. At the end of 2019, it had accumulated depreciation on the equipment of $12 million. Due to adverse economic conditions, Mitson's management determined that it should assess whether an impairment should be recognized for the equipment. The estimated undiscounted future cash flows to be provided by the equipment total $60 million, and the equipment's fair value at that point is $50 million. Under these circumstances, Mitson would record An asset acquired January 1, 2018, for $15,000 with an estimated 10-year life and no residual value is being depreciated in an equipment group asset account that has an average service life of eight years. The asset is sold on December 31, 2019, for $6,000. The entry to record the sale would be: a $20 million impairment loss on the equipment.,an impairment loss on the equipment not to exceed $1,000.,no impairment loss on the equipment.,an $8 million impairment loss on the equipment