Cullumber Company has a December 31 year end and uses straight-line depreciation for all property, plant, and equipment. On luly 1. 2022, the company purchased equipment for $550,000. The equipment had an expected useful life of 10 years and no residual value. The company uses the nearest month method for partial year depreciation. On December 31, 2023, after recording annual depreciation, Cullumber reviewed its equipment for possible impairment. Cullumber determined that the equipment has a recoverable amount of $275.400, it is not known if the recoverable anount will increase or decrease in the future. entries in the order presented in the problem.) Prepare a journal entry to record it. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter Ofor the amounts. List debit entry before credit entry] Calculate depreciation expense for 2024 and the carrying amount of the equipment at December 31, 2024. (Round answers to 0 decimal places, eg. 5,275.) Depreciation expense Carrying amount List of Accounts Last saved 1 second ago. Attempts: 1 of 5 used Saved work will be auto-submitted on the due date. Autosubrnission can take up to 10 minutes