Presented below is information related to equipment owned by Kingbird Company at December 31, 2025. Cost $6,310,000 Accumulated depreciation to date 730,000 Expected future net cash flows 5,560,000 Fair value 3,820,000 Assume that Kingbird will continue to use this asset in the future. As of December 31, 2025, the equipment has a remaining useful life of 4 years and no salvage value. Your answer is correct. Prepare the journal entry (if any) to record the impairment of the asset at December 31, 2025. (If no entry isrequired,select "No Entry" for the account titles and enter 0 for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually. List debit entry before credit entry.) Date Account Titles and Explanation Debit Credit December 31, 2026 Loss on Impairment Accumulated Depreciation-Equipment eTextbook and Media List of Accounts Attempts: 3 of 7 used Your answer is partially correct. Prepare the journal entry to record depreciation expense for 2026. Use straight-line method. (If no entry isrequired,select "No Entry" for the account titles and enter 0 for the amounts. Credit account titles are automatically indented when amount is entered. Do 1760000 1760000 Chapter 10 Homework Question 7 of 12 0.5 / 1 (c) The parts of this question must be completed in order. This part will be available when you complete the part above. not indent manually. List debit entry before credit entry.) Date Account Titles and Explanation Debit Credit December 31, 2026 Depreciation Expense Accumulated Depreciation-Equipment