After recording depreciation for the current year, Media Mania Incorporated decided to discontinue using its printing equipment. The equipment had cost $746,000, accumulated depreciation was $541,000, and its fair value (based on estimated future cash flows from selling the equipment) was $45,000. 1. Determine whether the equipment is impaired. 2. Prepare the journal entries to record the impairment asset if any Complete this question by entering your answers in the tabs below. Required Required 1 Determine whether the equipment is impaired The fair and the book Therefore this asset impaired value is value is Required 1 Required 2 After recording depreciation for the current year, Media Mania Incorporated decided to discontinue using its printing equipment. The equipment had cost $746,000, accumulated depreciation was $541,000, and its fair value (based on estimated future cash flows from selling the equipment) was $45,000. 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 Required 1 2 Prepare the journal entries to record the impairment in asset if any. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) View transaction list Journal entry worksheet Record the entry to remove accumulated depreciation. Note: Enter debits before credits. Transaction General Journal Debit Credit Record entry View general journal Clear entry Required 1 Required 2