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On December 31, 2022, Belt Enterprises must measure its impairment loss for plant and equipment. Belt has determined that the broadcast license is not impaired. The projected future undiscounted cash flows, projected future discounted cash flows, and fair value of the plant and equipment are listed below: (Click the icon to view the cash flows and fair values.) Determine the impairment loss and the revised annual depreciation expense. Prepare any necessary journal entries to record the impairment. Begin by computing the impairment loss for the plant and equipment. (Use a minus sign or parentheses for any loss amounts.) Next, prepare the joumal entry necessary to record the impairment (Record debils first, then credits. Exclude explanations from any journal entries.) Determine the revised annual depreciation expense. The annual depreciation expense is Question 1 Journal entry Annual depreciation expense = revised value/useful life =1,382,702/3=460900.67