ACC 3110 Asset Impairment in-class lab Names Abraham Paramo On Dec 31, 2021 the management of AU Corporation was deciding if a piece of equipment it uses in its operations was impaired in value. The equipment had been bought on 7/1/2020 with a cost of $100,000, a salvage value of $10,000, and a 15-year useful life. AU Corporation uses sum-of-the-years'- digits method to depreciate the equipment. On Dec 31, 2021: the Expected future net cash flows for the equipment are $80,000 the Fair Value of the equipment is $60,000 the book value of the equipment is $ Prepare the journal entry (if any) to record the impairment of the asset at December 31, 2021: Date Dec 31 2021 Account Titles Debit Credit