S7-18. (Learning Objective 6: Explain the effect of asset impairment on financial statements) For each of the following scenarios, indicate whether a long-term asset has been impaired (Y for yes and N for no) and, if so, the amount of the loss that should be recorded. Estimated Future Impaired? Amount Asset a. Equipmert b. Trademark c. Land d. Factory building Book Val Cash Flows Fair Value (YorN) of Loss $190,000 $420,000 $60,000 $10 million $157,000 540,000 $38,000 $10 $8 million $135,000 $485,000 $32,000