Please Complete Requirements A, B, and C

i Requirements a. Prepare the journal entry required to record the impairment loss. b. Assuming that Turner's uses the straight-line method with no residual value, prepare the journal entry to record the revised depreciation expense for the first year immediately following the impairment. c. Assume that two years following the impairment write-down, the fair value (less the costs to sell) and value in use of the asset falls to $738,000. Prepare any journal entry necessary to reflect the change in fair value. Print Done i Data Table Description Cutting Machine Cost 3,220,000 1,288,000 Accumulated depreciation (up to the date of the impairment test) $ Total estimated future cash flows 1,234,000 Total discounted future cash flows 1,075,000 $ $ $ $ Estimated fair value 1,053,000 Costs to sell 8,500 Remaining useful life from the impairment date 6 years Print Done Turner's Domino Manufacturing Company, an IFRS reporter, learned that one of its cutting machines is obsolete. Although the company will continue to use this machinery in the future, management believes that an impairment write-down is required. The following information relates to the cutting machine: B (Cick the icon to view the information.) The firm estimates that the machine has a useful life of 10 years and it has used it for four years. It has no salvage value. Read the requirements. Requirement a. Prepare the journal entry required to record the impairment loss. (Record debits first, then credits. Exclude explanations from any journal entries. Round your answer to the nearest whole dollar.) Account Date of Impairment