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On December 31, 2019, Trial Corporation realized that a piece of equipment may be impaired. The equipment was originally purchased for $7,600,000 with a 12-year useful life on January 1, 2013. The equipment initially had a salvage value of $450,000 and the company uses the straight-line method of depreciation. The expected future cash flows are presented below. The proper discount rate to be used for these flows is 5%. (Assume that the cash flows occur at the end of the year.) Year Expected Future Cash Flows 2020 $800,000 2021 900,000 2022 400,000 2023 500,000 2024 600,000 1. Determine if the asset is impaired- show your work? 2. If so, how much is the impairment loss