Presented below is information related to equipment owned by COVID Company at December 31, 2018. Cost 7,000,000 Accumulated depreciation to date 1,400,000 Value-in-use 5,000,000 4,400,000 Fair value less cost of disposal Assume that COVID will continue to use this asset in the future. As of December 31, 2018, the equipment has a remaining useful of 4 years. Instructions: Show your workings (a) Prepare the journal entry (if any) to record the impairment of the asset at December 31, 2018. (b) Prepare the journal entry to record depreciation expense for 2019.