Plastix Inc. bought a molding machine for $$555,000$ on June $1,2017.$ The company expected to use this machine to extrude plastic toys for the next eight $(8)$ years, when the machine would be sold for $$45,000.$ On June $1,2019,$ their major customer, Wal$-$Mart, gave notification that they were terminating Plastix Inc. as a supplier. Plastix Inc.$$s accountants estimate that the machine will generate $$390,000$ in future cash inflows from other customers and the fair value of the machine is $$345,000.$ Plastix uses straight$-$line depreciation.

a$.$ Is this asset impaired on June $1,2019?$ Show your calculation.

b$.$ If the equipment is impaired, what is the impairment loss on June $1,2019?$