Question 20 Not yet were Points out of 6.00 Plaquestion Azmy Company uses special strapping equipment in its packaging business. The equipment was purchased on January 1, 2020 for $6,000,000 and had an estimated useful life of 8 years with no salvage value. Azmy properly depreciates the equipment using straight-line depreciation for 2020 and 2021. On December 31, 2021, new technology was introduced that would accelerate the obsolescence of Azmy's equipment. Azmy's controller estimates that sum of undiscounted expected future net cash flows on the equipment will be $3,750,000 and that the fair value of the equipment is $3,300,000. Azmy intends to continue using the equipment, but it is estimated that the remaining useful life is 4 years. Instructions (a) Show your calculation of any possible impairment on December 31, 2021. Prepare the journal entry to record the impairment if there is any. (b) Prepare any necessary journal entry for the equipment on December 31, 2022. The fair value of the equipment on December 31, 2022 is estimated to be $3,450,000. PO