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Presented below is information related to equipment owned by Springs and Bertino Company at December 31, 2017: Cost: $8,750,000 Accumulated depreciation to date: $2,105,000 Expected future net cash flows: $4,750,000 Fair value: 3,650,000 Springs and Bertino plans to continue using the equipment in the future. As of December 31, 2017, the equipment has a remaining useful life of 4 years. Required (a) Prepare the journal entry for Springs and Bertino Company to record the impairment of the equipment at December 31, 2017. (b) Prepare the journal entry to record depreciation expense for 2018. (c) Due to an unexpected change in circumstances, the fair value of the equipment at December 31,2018 , is $4,525,000. Prepare the necessary journal entry (if any) to record this increase in fair value