7 After recording depreciation for the current year, Media Mania Incorporated decided to discontinue using its printing equipment. The equipment had cost $739,000, accumulated depreciation was $520,000, and its fair value (based on estimated future cash flows from seling the equipment) was $37000. 1. Determine whether the equipment is impaired. 2. Prepare the journal entries to record the impairment in asset if any, oints Complete this question by entering your answers in the tabs below. ebook Required Required 2 Determine whether the equipment is impaired, The fair values md the book values Therefore this is Recured Seved Help apter 9 Homework 7 After recording depreciation for the current year, Media Mania Incorporated decided to discontinue using its printing equipment. The equipment had cost $739,000, accumulated depreciation was $520,000, and its fair value (based on estimated future cash flows from selling the equipment) was $37,000. 1. Determine whether the equipment is impaired. 2. Prepare the journal entries to record the impairment in asset if any. ents Complete this question by entering your answers in the tabs below. block Required 1 Required 2 Prepare the journal entries to record the impairment in asset If any. Cur no Entry Required in the first account field.) Print is required for a transaction/event, select "No Journal View transaction list Journal entry worksheet 1. Determine whether the equipment is impaired. 2. Prepare the journal entries to record the impairment in asset if any. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Prepare the journal entries to record the impairment in asset If any. (If no entry is required for a transaction/event, select "No Entry Required in the nest account field.) View transaction list Journal entry worksheet Record the impairment loss. Note: Enter debits before credits. General Journal Debit Credit Transaction 2 Record entry Clear entry View general Journal