Orison Milling Company operates, on a contract basis, equipment that grinds and mixes grains used as animal feed. In September 20x1 the book value of the equipment was $118,000. Because of declining processing fees, the company's chief financial officer became concerned that the asset might be impaired. An analysis of expected future cash flows from use of the asset resulted in an estimate of $117,000 of future cash flows. Further study led to the company's finding several almost identical processors that ranged in price from $86,000 to $88,000. Required: a. The CFO decided that the asset was impaired and should be written down" to $86,000. Do you agree? b. Prepare the journal entry to record the impairment. Complete this question by entering your answers in the tabs below. Required A Required B Prepare the journal entry to record the impairment. View transaction list Journal entry worksheet Record the impairment. Record the impairment. Note: Enter debits before credits. Debit Credit Event 1 General Journal Impairment expense Equipment Grinding equipment Record entry Clear entry View general Journal