CONT 3008 Ex 4-Impairment. (9pts) Dolphin Company uses special strapping equipment in its packaging business. The equipment was purchased in January 2013 for $8,000,000 and had an estimated useful life of 8 years with no salvage value. At December 31, 2014, new technology the obsolescence of Dolphin's equipment. Dolphin's controller estimates that e net cash fows on the equipment will be $5,000,000 and that the fair value of the equipment is $4,400,000. Dolphin intends to continue using the equipment, but it is estimated remaining useful life is 4 years. Dolphin uses straight-line depreciation was introduced that would accelerate xpected future that the Instructions (a) What is the carrying value of the asset as of 12/31/14? S at December 31, 2014. (c) Prepare any journal entries for the equipment at December 31, 2015. The fair value of the equipment at December 31, 2015, is estimated to be $4,600,000. (d) Repeat the requirements for (a) and (b), assuming that Dolphin intends to dispose of the equipment and that it has not been disposed of as of December 31, 2015