2) Answer the following questions based on this information set; XYZ, Inc. has a piece of machinery with a carrying value of $1,500,000 .It believes the machinery is now obsolete and that it will only generate positive cash flows for the next 5 years at $250,000. It believes a 4% discount rate would be best to determine the present value of these cash flows. a) Should it impair the asset and why (Gjust provide a yes or no answer and you justification). asset, what would be the amount of the loss and what would be the journal entry to record the loss? Explain your calculation of the loss amount b) Regardless of you answer in a) assume that it did determine that it should impair the