Nyhiraba Limited purchased an asset on 1st January 2015 for an amount of R5 million. The asset has an economic useful life of 10 years for which the company uses to generate operational income. On 1st July 2018, the assets fair value was R3.8 million, and the cost to sell was estimated at R800,000. The assets value in use on that date was valued at R2.95 million. Determine whether the asset is impaired or not under IAS 36. Justify your answer with calculations and an explanation