York Corp., a Canadian public corporation, owns equipment for which the following year-end information is available: Carrying amount (book value)....................................$59,000 Undiscounted expected future cash flow................... 62,000 Discounted expected future cash flow ....................... 50,000 Fair value ........................................................................ 57,000 cost to sale .................................................................... 5,000 Which of the following best describes the proper accounting treatment for York's equipment? Question 18Select one: a. It is not impaired, but a loss must be recognized. b. It is impaired and a loss must be recognized, but the loss may be reversed in future periods. c. It is impaired and a loss must be recognized, with no reversal possible. d. It is not impaired and a loss should not be recognized