Please show work

On December 31, 2019, Fresno realized that a piece of equipment may be impaired. The equipment was originally purchased for $9,000,000. Fresno will continue to use this piece of equipment in the future. As of December 31, 2019. the equipment has a remaining useful life of 4 years and had been depreciated for six years. The equipment initially had a salvage value of $450,000 and the company uses the straight line method of depreciation. The expected future cash flows are presented below. The proper discount rate to be used for these flows is 8%. (Assume that the cash flows occur at the end of the year.) Year 2020 2021 2022 2023 Expected Future Cash Flows $800,000 800,000 600.000 1,000,000 1. Determine if the asset is impairedshow your work? 2. If the asset is impaired determine the amount of the impairment loss