M9-8 Recording Asset Impairment Losses [LO 9-4, LO 9-5] After recording depreciation for the current year, Media Mania Incorporated decided to discontinue using its printing equipment. The equlpment had cost $750,000, accumulated depreciation was $550,000, and its fair value (based on estimated future cash flows from selling the equlpment) was $50,000. 1. Determine whether the equipment is Impaired 2. Prepare the journal entries to record the Impaired asset Complete this question by entering your answers in the tabs below. Required 1 Required 2 Determine whether the equipment is impaired. The fair value is and the book value is Therefore this asset impaired o d Required 2 Complete this question by entering your answers in the tabs below. Required 1 Required 2 Prepare the journal entries to record the impaired asset. (If no entry is required for a transactio Required" in the first account field.) View transaction list Journal entry worksheet A B Record the entry to remove accumulated depreciation. Note: Enter debits before credits Transaction General Journal Debit Credit 1 View general journal Clear entry Record entry Complete this question by entering your answers in the tabs below. Required 1 Required 2 Prepare the journal entries to record the impaired asset. (If no entry is required for a transaction/event, selet "No Journal Entry Required" in the first account field.) View transaction list Journal entry worksheet