On July 1, 2012, Okin Company purchased equipment for $270,000; the estimated useful life was 10 years and the expected salvage value was $25,000. Straight-line depreciation is used. On July 1, 2016, economic factors cause the market value of the equipment to decrease to $90,000. On this date, Okin evaluates if the equipment is impaired and estimates future cash flows relating to the use and disposal of the equipment to be $125,000. Required:
a. Is the equipment impaired at July 1, 2016?
b. If the equipment is impaired at July 1, 2016. calculate the amount of the impairment loss.

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