Plastix Inc. bought a molding machine for $275,000 on June 1, 2007. The company expected to use this machine to extrude plastic toys for the next five (5) years, when the machine would be sold for $25,000. On June 1, 2009, their major customer, Wal-Mart, gave notification that they were terminating Plastix as a supplier. Plastix accountants estimate that the machine will generate $150,000 in future cash inflows from other customers and the fair value of the machine is $110,000. (Plastix uses straight-line depreciation) a. Is this asset impaired on June 1, 2009? Show your calculation. b. If the equipment is impaired, what is the impairment loss on June 1, 2009