Exercise 11-16 (Part Level Submission) Presented below is information related to equipment owned by Shamrock Company at December 31, 2017 .. Cost $10,260,000 Accumulated depreciation to date 1,140,000 Expected future net cash flows 7,980,000 5,472,000 Fair value Assume that Shamrock will continue to use this asset in the future. As of December 31, 2017, the equipment has a remaining useful life of 5 years (a) Prepare the journal entry (if any) to record the impairment Credit account titles are automatically indented when amount is entered. Do not indent manually.) the asset : December 31, 2017. (If no entry is required, select "No entry" for the account titles and enter 0 for the amounts. Debit Date Account Titles and Explanation Credit Dec. 31