*Exercise 11-16 (Part Level Submission) Presented below is information related to equipment owned by Sandhill Company at December 31, 2017. Cost Accumulated depreciation to date Expected future net cash flows Fair value $10,170,000 1,130,000 7,910,000 5,424,000 Assume that Sandhill will continue to use this asset in the future. As of December 31, 2017, the equipment has a remaining useful life of 4 years. *(a) Your answer is correct. Prepare the journal entry (if any) to record the impairment of the asset at December 31, 2017. (If no entry is required, select "No entry" for the account title. automatically indented when amount is entered. Do not indent manually.) Debit Credit Date Account Titles and Explanation Dec. 31 Loss on Impairment TAccumulated Depreciation Equipment 3,616,000 5 U 73,616,000 *(b) Your answer is partially correct. Try again. Prepare the journal entry to record depreciation expense for 2018. (If no entry is required, select "No entry" for the account tities and enter o for the amo amount is entered. Do not indent manually.) Account Titles and Explanation Debit Credit Depreciation Expense Paccumulated Depreciation-Equipment TAccumulated Depreciation Equipment