Exercise 12-13 (Part Level Submission) Presented below is information related to copyrights owned by Crane Company at December 31, 2017 Cost $8,510,000 4,200,000 Carrying amount Expected future net cash flows 4,060,000 Fair value 3.200,000 Assume that Crane Company will continue to use this copyright in the future. As of December 31, 2017, the copyright is estimated to have a remaining useful life of 10 years. (a) Prepare the journal entry to record the impairment of the asset at December 31, 2017. The company does not use accumulated amortization accounts. (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.) Debit Credit Account Titles and Explanation