Question 4 Impairment (12 marks) Tarragon Corporation's balance sheet includes the following asset: Equipment: $110,000 Accumulated depreciation: 20,000 After performing its annual review for impairment, Tarragon obtains the following data: Value in use: $74,000 Fair value: 75,000 Selling costs: 3,000 Required: Assuming Tarragon uses the rational entity impairment model: a. Calculate the recoverable amount. b. Calculate the impairment loss. c. Prepare the entry to record the impairment loss.