Question: ( ### 1 2 ) No chat gpt answers & don't copy from chegg or else I'll give 5 downvotes A company holds an asset

(###12)No chat gpt answers & don't copy from chegg or else I'll give 5 downvotes
A company holds an asset with a carrying amount of $800,000.
New market conditions suggest the asset's fair value is now $650,000, and it has estimated future cash flows of $600,000.
Determine if impairment is necessary, and if so, calculate the impairment loss.

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