On January 1, 2016, Check Co. bought a machine for $15,000. Residual value was estimated to be $1, 400 and a five-year life was used for straight-line depreciation. On January 1, 2018, it was estimated that the total life from acquisition date should have been six years and residual value should have been estimated at $600. Compute depreciation expense for 2018. Sumrall Corporation owns machinery that was purchased 20 years ago. The machinery, which originally cost $2,000,000, has been depreciated using the straight line method using a 40 year life and no salvage value and has a current earning amount (net book value) of $1,000,000 and a current fair value of $800,000. Sumrall estimates that the machinery has a remaining useful life of 20 years and will provide net undiscounted cash inflow of $45,000 per year. What impairment loss, if any, should Sumrall record on this machinery