Cupcakes-R-Us, Inc. is reviewing all available information regarding the future use of its baking equipment, which it intends to use for the foreseeable future. (Click the icon to view additional information.) Future Value of $1 table Future Value of an Ordinary Annuity table Future Value of an Annuity Due table Present Value of $1 table Present Value of an Ordinary Annuity table Present Value of an Annuity Due table Read the requirements. Cash-Flow Projection- PV of Cash-Flow Cash Flow PV of Cash-Flow Projection- Projection- Projection- Future Period Estimate 1 Estimate 1 Estimate 2 Estimate 2 Year 1 120,000 111,111 $ 120,000 $ 111,111 Year 2 100,000 85,734 100,000 85,734 Year 3 70,000 55,568 80,000 63,507 Year 4 35,000 25,726 35,000 25,726 30,000 20,417 Year 5 30,000 20,417 $ 355,000 $ 298,557 $ 365,000 $ Total 306,495 PV higher or lower than carrying value? Lower Lower Begin by preparing the journal entry to record any impairment loss indicated under Estimate 1. Account Date of impairment Accumulated Depreciation-Equipment Impairment Loss on Equipment Equipment 140,000 61,443 201,443 Now prepare the journal entry to record any impairment loss indicated under Estimate 2. Account I Date of impairment E LLI No Entry Required Accumulated Depreciation-Equipment F Equipment Gain or Sale of Equipment Impairment Loss on Equipment Loss on Sale of Equipment Unrealized Gain on Equipment Unrealized Loss on Equipment table Future Value of an Annuity D by table Present Value of an Annuit 61,443 201,443 dicated under Estimate 2. Date of impairment