PPE Impairments, non-reversal of previously recorded impairments

Part 1: On January 1, 2020, Petro Garcia Inc. purchased with cash equipment with that cost $500,000 with a salvage value of $50,000 and an 9-year useful life. On December 31, 2021, after adjusting for straight-line depreciation, management projected the equipments future net cash flows to be $300,000 and its fair value to be $230,000. For 2022 and beyond, management also reduced the equipments useful life to a total of 5 years.

Prepare all journal entries related to this equipment for Petro Garcia Inc.

Date	Account	Debit	Credit
01/01/2020
12/31/2020
12/31/2021
12/31/2021
12/31/2022
12/31/2023
12/31/2024

Part 2:

What is the book value of the equipment on January 1, 2023?

$