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M9-8 (Static) Recording Asset Impairment Losses [LO 9-4, LO 9-5] 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. Required: 1. Determirh whether the equipment is impaired. 2. Prepare the Journal entries to record the impairment in asset if any. Answer is not complete. Complete this question by entering your answers in the tabs below. Determine whether the equipment is impaired. 1. Determine whether the equipment is impaired. 2. Prepare the journal entries to record the impairment in asset if any. ( Answer is not comple Complele this question by entering your answers in the tabs below. Determine whether the equipment is impaired. Complete this question by entering your answers in the tabs below. Prepare the journal entries to record the impaired asset. (If no entry is required for a transaction/event, select "No Journa Entry Required" in the first account field.)