Exercise 12-14 Presented below is net asset information related to the Metlock Division of Santana, Inc. AS OF DECEMBER 31, 2017 kon ceivable L es pa The purpose of the Metlock Division is to develop a nuclear-powered aircraft. If successful, traveling delays associated with refueling could be substantially reduced. Many other benefits would also occur. To date, management has not had much success and is deciding whether a write-down at this time is appropriate. Management estimate its future net cash flows from the project to be $425 million. Management has also received an offer to purchase the division for $335 million. All identifiable assets' and liabilities' book and fair value amounts are the same. Prepare the journal entry to record the impairment 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.) Prepare the journal entry to record the impairment at December 31, 2017. (If no entry is required, select "No Entry" for the account tities and enter amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually.) At December 31, 2018, it is estimated that the division's fair value increased to $346 million. Prepare the journal entry 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.) Exercise 12-14 Presented below is net asset information related to the Metlock Division of Santana, Inc. AS OF DECEMBER 31, 2017 kon ceivable L es pa The purpose of the Metlock Division is to develop a nuclear-powered aircraft. If successful, traveling delays associated with refueling could be substantially reduced. Many other benefits would also occur. To date, management has not had much success and is deciding whether a write-down at this time is appropriate. Management estimate its future net cash flows from the project to be $425 million. Management has also received an offer to purchase the division for $335 million. All identifiable assets' and liabilities' book and fair value amounts are the same. Prepare the journal entry to record the impairment 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.) Prepare the journal entry to record the impairment at December 31, 2017. (If no entry is required, select "No Entry" for the account tities and enter amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually.) At December 31, 2018, it is estimated that the division's fair value increased to $346 million. Prepare the journal entry 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.)