Problem 2. ACCOUNTING FOR FIXED ASSET IMPAIRMENTS The following information for Gator Company is provided: -A piece of custom-made equipment was purchased on January 1, 2014 for $1,500,000. -The equipment is being depreciated straight-line over a 10 year useful life with no salvage value. -On December 31, 2017, the asset is evaluated for possible impairment. Assume all appropriate depreciation has already been recorded to that date. -On December 31, 2017, it is estimated that the undiscounted) future net cash flows to be generated by the asset will be $875,000. -The present value of these future cash flows is $800,000. -On December 31, 2017, the fair market value of the asset (if sold) is $890,000. Answer the following questions: A. Is the equipment impaired, yes or no? Support your answer with appropriate calculations. B. Assume the asset is impaired (regardless of you answer to part A). What would be the amount of the write-down (loss) that will be recognized on Gator Company's books? Support your answer with appropriate calculations