USE THE FOLLOWING INFORMATION FOR #1 - 7: Motown has the following information available: $ At purchase date of May 1, 20X1: Cost of Machine Sales Tax Installation charge Useful Life Motown uses the straight-line method of depreciation At December 31, 20X6 (testing date): Fair market value of machine 132,000 5.10% 3,200 12 $ $ 30,000 $ Expected future cash flow from use and sale of machine Market rate of interest 22,000 4.00% 1.) Compute the historical cost of the asset at the date of acquisition. 2.) Compute year one depreciation expense. 3.) Compute year two depreciation expense. 4.) On the answer sheet write in the net book value (adjusted basis) of the machine at 12/31/X6:. 5.) What is the amount of the unrecoverable basis of the asset if any determined by performing the recoverability test? 6.) Calculate the impairment loss on this asset. 7.)consider the journal entry to record the loss. Complete the missing journal entry leg. Record the loss (if any): impairment loss ___________