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On com Metrop Question Spins Question 3: (Mark) Presented below is information related to equipment owned by ABC Company at December 31, 2001 Cost 20,000,000 Accumulated depreciation to date 4,500,000 Value-in-use 9,000,000 Fair value les cost of disposal 10,400,000 Assume that ABC will continue to use this asset in the future. As of December 31, 2001, the equipment has a remaining useful life of 4 years. Tastructions Prepare the journal entry (if any) to record the impairment of the asset at December 31, 2001. (2 Marks) b. Prepare the journal entry to record depreciation expense for 2002. (2 Marks) Assume that the recoverable amount of the assets at December 31, 2003 is 8,000,000. Prepare the journal entry to record this change in fait value. (2 For the toolbar, press ALT F10 (PC) or ALTFN+F10 (Mac). BIVS Paragraph Arial 10pt a 5 G. 2 T. MacBook Air . STO : $$