9. (2 points) The management of Petro Garcla Inc. was discussing whether certain equipment should be written off as a charge to current operations because of obsolescence. This equipment has a cost of $900,000 with depreciation to date of $400,000 as of December 31, 2025. On December 31, 2025, management projected its future net cash flows from this equipment to be $300,000 and its fair value to be $230,000. The company intends to use this equipment in the future. Instructions a. Prepare the joumal entry (if any) to record the impairment at December 31, 2025. b. At December 31,2026 , the equipment's fair value increased to $260,000. Prepare the Journal entry (if any) to record this increase in fair value