Impairment    Basil Corporation's balance sheet includes the following asset:           Equipment:                                 $100,000           Accumulated depreciation:               20,000   Basil was notified of a significant change in demand for the product produced by the machine, and decided to test for impairment.  Basil obtained the following data:             Future cash flows (undiscounted):          $78,000           Value in use (discounted):                       73,000           Fair value:                                               75,000           Selling costs:                                           3,000 Required: Assuming Basil Corporation follows ASPE, calculate if the asset is impaired, and prepare any journal entry required.  Show your calculations.

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