Presented below is information related to equipment owned by Miller Company at December 31, 2017 Cost Accumulated depreciation to date Expected future net cash flows Fair value $7,000,000 800,000 5,000,000 3,400,000 Assume that Miller will continue to use this asset in the future. As of December 31, 2017, the equipment has a remaining useful life of 4 years. Instructions (a) For Miller company, the recoverability test compares $ to $ As a result, the asset fails the recoverability test, because than is/are less so a loss on impairment is recorded in 2017. (b) Prepare the journal entry to record the impairment of the asset at December 31, 2017 depreciation expense for 2018. (d) The fair value of the equipment at December 31, 2018 is $4,100,000. Prepare the journal entry (if any) necessary to record this increase in fair value