1) Blossom Company owns equipment that cost $1,107,000 and has accumulated depreciation of $467,400. The expected future net cash flows from the use of the asset are expected to be $615,000. The fair value of the equipment is $492,000. Prepare the journal entry, if any, to record the impairment loss. (If no entry is required, select "No entry" for the account titles and enter 0 for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually.)

Account Titles and Explanation	Debit	Credit
enter an account title	enter a debit amount	enter a credit amount
enter an account title	enter a debit amount	enter a credit amount

Crane Company purchased machinery on January 1, 2020, for $80,800. The machinery is estimated to have a salvage value of $8,080 after a useful life of 8 years.

Compute 2020 depreciation expense using the sum-of-the-years'-digits method.

Depreciation expense

$