PROBLEM Becommended Time Allocation 15 Minutes Maris) Ceinsamune Solid SL private company that use ASPEG pod 30.000 ton January 2018 accumulated depreciation at December 31, 2070 501,200. Though intend to continue eing the capital et new circumstances at December 31, 2020 suggest that this mon may be permanent umpared Future nel cash flow from the use of this asset are expected to be 540.000 i 2021. 30.000 in 2002, 20,000 in 2023. The equipment is expected to have a residual value of $41,000 at the end of two expected to be December 31, 2023. An equipment specialist hos determined that the fair value of new December 31, 2020 is 393,000. OSL depreciate this asset on a straight-line basis Because GSL us ASPE, I Use the "Cost Recovery impairment Model Required: 1. Determine if the carrying value of the equipment is "recoverable" as of December 31, 2020. Show your work. 2. Prepare the journal entry to record an impairment of the equipment on December 31, 2020