Presented below is information related to equipment owned by Vaughn Company at December 31, 2017. Cost $9,270,000 Accumulated depreciation to date 1,030,000 Expected future net cash flows 7,210,000 4,944,000 Fair value Vaughn intends to dispose of the equipment in the coming year. It is expected that the cost of disposal will be $20,600. As o December 31, 2017, the equipment has a remaining useful life of 4 years. Your answer is partially correct. Try again Prepare the journal entry (if any) to record the impairment of the asset at December 31, 2017. (If no entry is required, se entry" for the account titles and enter 0 for the amounts. Credit account titles are automatically indented when is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit Dec. 31 Loss on Impairment 1030000 T T Accumulated Depreciati 1030000