Presented below is information related to equipment owned by Pronghorn Company at December 31, 2017.

Cost	9090000
Accumulated depreciation to date	1010000
expected future net cash flow	7070000
fair value	4848000

Pronghorn intends to dispose of the equipment in the coming year. It is expected that the cost of disposal will be $20,200. As of December 31, 2017, the equipment has a remaining useful life of 4 years.

Prepare the journal entry (if any) to record the impairment of the asset at December 31, 2017. (If no entry is required, 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.)

Prepare the journal entry (if any) to record depreciation expense for 2018. (If no entry is required, 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.

The asset was not sold by December 31, 2018. The fair value of the equipment on that date is $5,353,000. Prepare the journal entry (if any) necessary to record this increase in fair value. It is expected that the cost of disposal is still $20,200. (If no entry is required, 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.)