(b) Prepare the journal entry for the equipment at December 31, 2018. The fair value of the equipment at December 31, 2018, is estimated to be $3,480,000. (If no entry is required, select "No entry" for the account titles and enter O for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit December Depreciation Expense 31 Accumulated Depreciation-Equipment eTextbook and Media Save for Later Attempts: 0 of 3 used Submit Answer\f(c) Prepare the journal entry (if any) to record the impairment at December 31, 2017 and for the equipment at December 31, 2018, assuming that Blossom intends to dispose of the equipment and that it has not been disposed of as of December 31, 2018. (If no entry is required, select "No entry" for the account titles and enter O for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit 12/31/17 Loss on Impairment Accumulated Depreciation-Equipment 12/31/18 Accumulated Depreciation-Equipment Recovery of Loss from Impairment