Question 1 (a) A company owns an asset that was bought for $240,000 on 1 January 2019 and is being depreciated on a straight-line basis over a six-year period with a residual value of $30,000. The company has carried out an impairment review at 31 December 2020 and expects that the asset will generate the following cash flows over the remainder of its useful life: Note that the cash inflow for 2024 includes the estimated residual value of $30,000. If the company were to sell the asset on 31 December 2020 , the selling price would be $120,000 but disposal costs would amount to $5,000. Required: What would be the impairment loss, if any, for the asset given a discount rate of 10%