Presented below is information related to equipment owned by Sheridan Company at December 31, 2025 Cost $6,840,000 Accumulated depreciation to date 720,000 Expected future net cash flows 4,770,000 Fair value 3,270,000 Assume that Sheridan 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 (a) Your answer has been saved. See score details after the due date Prepare the journal entry (if any) to record the impairment of the asset at December 31, 2025. Of 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. List debit entry before credit entry) (b) Date Account Titles and Explanation December 31.2026 Loss on impairment Accumulated Depreciation-Equipment List of Accounts Debit 2850,000 Credit 2,850.000 Attempts: 1 of 1 used. Prepare the journal entry to record depreciation expense for 2026. Use straight-line method. Of no entry is required, select "No Entry for the account titles and enter O 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 December 31.2026 Debit Credit