Question 2 Not yet answered Marked out of 1.00 Page Prin Impairment Loss On May 1, 2013, Silky, Inc., purchased machinery for $345.000; the estimated useful life was eight years and the expected salvage value was 515,000. Straight line depreciation is used. On May 1, 2015, economic factors cause the market value of the machinery to decrease to 5190,000. On this date, Sky evaluates whether the machinery is impaired. a. Assume that on May 1, 2015, Silky estimates future cash flows relating to the use and disposal of the machinery to be $270,000. Is the machinery impaired at May 1 2015? If it is impaired, what is the amount of the impairment loss? Impairment loss = $ b. Assume that on May 1, 2015, Silky estimates future cash flows relating to the use and disposal of the machinery to be $230,000. Is the machinery impaired at May 1, 2015? If it is impaired, what is the amount of the impairment loss? Impairment loss = $