Exon Company purchased equipment for $320,000 on January 1 of Year 1 . The equipment has an estimated residual value of $9,600 and an estimated useful life of 8 years. The company depreciates the equipment using the straight-line method. On January 1 of Year 4 , the company determines that the total useful life is 6 years and the estimated residual value is $3,200 Required Prepare the entry to record depreciation expense for WellCon Corporation, a calendar-year corporation, plans to dispose of a plant asset with a carrying value of $100,000 (cost is $150,000 and accumulated depreciation is $50,000 ) on December 31 of Year 1 after recording depreciation on the asset. The fair value of the asset is $80,000 at that time, and estimated costs to sell are $10,000. The asset remains in WellCon's possession one year later. The fair value and estimated costs to sell are $84,000 and $4,000 on December 31 of Year 2 . Provide the entries on December 31 of Year 1 and Year 2 to record the impairment loss and revaluation. Note: If a line in a journal entry isn't required for the transaction, select " N/A " as the account names and leave the Dr. and Cr. answers blank (zero)