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 $9,900,000 1,100,000 7,700,000 5,280,000 Fair value 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 partially correct. Try again. 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 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 x Dec. 31 Loss on Impairment 110000 X Recovery of Loss from Impairment 110000