Please I need help show your work Please !!

Also seperate your answers so it easy when reading it !!

IV. (16 points) Obaid Company owned the following equipment at December 31, 2022:

Cost$280,000

Accumulated depreciation 32,000

Expected future net cash flows 200,000

Fair value 136,000

Obaid plans to continue using this asset in the future. As of December 31, 2022, the equipment has a remaining useful life of 4 years.

Requirement:

a. Is the asset considered impaired for accounting purposes? Show how you determined this.

b. Prepare the journal entry to record impairment, if one is required. If no impairment, write

not applicable.

c. Obaid computes depreciation using the straight-line method. Prepare the journal entry to

record depreciation expense for 2023, assuming no residual value.

d. At the end of 2023, the fair value of the equipment had increased to $205,000. Prepare the

journal entry to record the increase in fair value according to U.S. accounting standards.