Presented below is information related to equipment owned by Teal Company at December 31, 2017 Cost Accumulated depreciation to date 1,080,000 Expected future net cash flows Fair value $9,720,000 7,560,000 5,184,000 Teal intends to dispose of the equipment in the coming year. It is expected that the cost of disposal will be $21,600. As of December 31, 2017, the equipment has a remaining useful life of 5 years. Your answer is correct. 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.) Date Account Titles and Explanation Debit Credit Dec. 31 Loss on Impairment 847760 ccumulated 47760 Attempts: 3 of 3 used 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.) Account Titles and Explanation Debit Credit Attempts: 0 of 3 used