Exercise 11-16 (Part Level Submission) Presented below is information related to equipment owned by Blossom Company at December 31, 2017. Cost Accumulated depreciation to date Expected future net cash flows Fair value $9,900,000 1,100,000 7,700,000 5,280,000 Assume that Blossom 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) 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 titles and enter 0 for the amounts, Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit Dec. 31 Loss on Impairment 3520000 Accumulated Depreciation-Equipment 3520000 (b) Your answer is correct. Prepare the journal entry to record depreciation expense for 2018. (If no entry is required, select "No entry" for the account titles and enter o for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually.) Account Titles and Explanation Debit Credit Depreciation Expense 10560001 Accumulated Depreciation Equipment 1056000 Click if you would like to Show Work for this question: Open Show Work SHOW LIST OF ACCOUNTS SHOW SOLUTION SHOW ANSWER LINK TO TEXT Attempts: 1 of 5 used The fair value of the equipment at December 31, 2018, is $5,610,000. Prepare the journal entry (if any) necessary to record this increase in fair value. (If no entry is required, select "No entry" for the account titles and enter o for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit Dec. 31