Presented below is information related to equipment owned by Wildhorse Company at December 31, 2025. Cost $10,620,000 Accumulated depreciation to date 1,180,000 Expected future net cash flows Fair value 8,260,000 5,664,000 Assume that Wildhorse will continue to use this asset in the future. As of December 31, 2025, the equipment has a remaining useful life of 5 years. Your answer is partially correct. Prepare the journal entry (if any) to record the impairment of the asset at December 31, 2025. (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 manually. List debit entry before credit entry.) Date Account Titles and Explanation Debit Credit Dec. 31 Loss on Impairment Accumulated Depreciation - Equipment eTextbook and Media List of Accounts * Your answer is incorrect. 37,99,600 37,99,600 Prepare the journal entry to record depreciation expense for 2026. (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 manually. List debit entry before credit entry.) Account Titles and Explanation No Entry No Entry eTextbook and Media List of Accounts * Your answer is incorrect. Debit Credit The fair value of the equipment at December 31, 2026, is $6,018,000. Prepare the journal entry (if any) necessary to record this increase in fair value. (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 manually. List debit entry before credit entry.) Date Account Titles and Explanation Dec. 31 Accumulated Depreciation - Equipment Recovery of Loss from Impairment eTextbook and Media Debit 5,90,000 Credit 5,90,000