Saxby Company purchased equipment for $250,000 on January 1, 2013, with an estimated useful life of 5 years and expected salvage value of $50,000. Straight-line depreciation is used. On December 31, 2014 (after depreciation had been recorded for the second year), an analysis of economic factors implied that the market value of the equipment had declined to $100,000. In this date, Saxby examines the equipment for impairment and estimates $160,000 in future cash flows related to the use of the equipment. What amount of impairment loss should be recorded?

a. $0

b. $10,000

c. $70,000

d. $150,000

e. None of the above