Presented below is information related to equipment owned by Valdez Company at December 31, 2014.

Cost..$800,000

Accumulated depreciation to date..500,000

Expected future net cash flows..270,000

Discounted future net cash flows 240,000

Valdez will continue to use this asset in the future. As of December 31, 2014, the equipment has a remaining useful life of 4 years. Valdez uses straight line depreciation.

REQUIRED: Answer the following

Unless all supporting schedules and computations for every answer are presented in good traceable order, there will be NO credit

(a)$________________The impairment (if any) at December 31, 2014

(b)The journal entry (if any) to record the impairment of the asset at December 31, 2014: use the form provided below

Account Debit Credit

(c)$_______________The amount of depreciation expense for 2015.