QUESTION 5 Copy of Howard Inc. owns equipment for which it paid $63 million Due to adverse economic conditions, Howard's management determined that it should assess whether an impairment loss should be recognized for the equipment. The following information may be useful in determining if an impairment should be made Historical cost of equipment $55 Accumulated depreciation 13 Undiscounted cash flows 40 Fair value of equipment 36 Calculate the book value of the asset Calculate the impairment loss (if any). If there is not an impairment, enter zero