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Use the following information for questions 8 and 9. On January 1, 2018, Fredrichs Inc. purchased equipment with a cost of 3,060,000, a useful life of 12 years and no salvage value. The company uses straight-line depreciation. At December 31, 2018, the company determines that impairment indicators are present. The fair value less cost to sell the asset is estimated to be 2,600,000. The asset's value-in-use is estimated to be 2,365,000. There is no change in the asset's useful life or salvage value 8. The 2018 income statement will report Loss on Impairment of a. 0. b. 205,000. C. 440,000. d. 460,000 I 9. The 2019 (second year) income statement will report depreciation expense for the equipment of a. 216,667. b. 236,364 c. 255,000 d. 260,000. Use the following information for questions 10 and 11. On January 1, 2018, Edmondton Inc. purchased equipment with a cost of 4,500,000, a useful life of 12 years and no salvage value. The Company uses straight-line depreciation. At December 31, 2018, the company determines that impairment indicators are present. The fair value less cost to sell the asset is estimated to be 3,850,000. The asset's value-in-use is estimated to be 3,500,000. There is no change in the asset's useful life or salvage value. 10. The 2018 income statement will report Loss on Impairment of a. 0. b. 275,000 C. 625,000 d. 650,000. 11. The 2019 (second year) income statement will report depreciation expense for the equipment of a. 320,833 b. 350,000 C. 375,000. d. 385,000