Exercise 11-16 Presented below is information related to equipment owned by Metlock Company at December 31, 2017. $10,800,000 Accumulated depreciation to date1,200,000 8,400,000 5,760,000 Expected future net cash flows Fair value Assume that Metlock will continue to use this asset in the future. As of December 31, 2017, the equipment has a remaining useful life of 5 years. 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 Dec. 31 SHOW LIST OF ACCOUNTS LINK TO TEXT Prepare the journal entry to record depreciation expense for 2018. (If no entry is required, select "No entry" for the account