Presented below is information related to equipment owned by Sweet Company at December 31, 2017, Cost Accurmulated depreciation to date 1,180,000 Expactad future ne cash flows Fair value $10,620,000 8,26D,0D0 5,664,000 Assume that Sweet will contiue to use this asset in the future, As of December 31, 2017, the equipment has a remaining useful life of 5 years, Prepare the journal entry Cif arry) 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.) Date Account Titles and Explanation Debit Credit Det. 31 LTST OF ACCOUNTS Prepare the journal entry to record depreciation expense for 2018. (If 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 Account Titles and Explanation Debit Credit VIDEOI STMTLAR EXERCISE The fair value of the equipment at December 31 18 18,0 0 Prepare the ou mal entry if any necessary to recare ths increasa in air value. If no entry is re u re are automatically indented when amount is entered. Do not indont manually.) seect- o entry for the account titles and enter 0 for the amo nts C dit account tit es Date Account Titles and Explanation Dec. 31