After recording depreciation for the current year, Media Mania Incorporated decided to discontinue using its printing equipment. The equipment had cost $750,000, accumulated depreciation was $550,000, and its fair value (based on estimated future cash flows from selling the equipment) was $50,000.

Determine whether the equipment is impaired.
Prepare the journal entries to record the impairment in asset if any.
Record the entry to remove accumulated depreciation.
Record the impairment loss.