A company has some bottling equipment which cost $8.90 million, has a net book value of $4.30 million, estimated future cash flows of $3.74 million, and a fair value of $3.14 million. Which of the following correctly describes the recording of the asset impairment loss? Multiple Choice The loss account is debited for $5.16 million and the asset account is credited for $5.16 million. o The loss account is debited for $0.56 million and the asset account is credited for $0.56 million. o The loss account is debited for $5.76 million and the asset account is credited for $5.76 million. o o The loss account is debited for $1.16 million and the asset account is credited for $1.16 million