Problem 11-9 Pearl Company uses special strapping equipment in its packaging business. The equipment was purchased in January 2016 for $11,700,000 and had an estimated useful life of 8 years with no salvage value. At December 31, 2017, new technology was introduced that would accelerate the obsolescence of Pearl's equipment. Pearl's controller estimates that expected future net cash flows on the equipment will be $7,371,000 and that the fair value of the equipment is $6,552,000. Pearl intends to continue using the equipment, but it is estimated that the remaining useful life is 4 years. Pearl uses straight-line depreciation Prepare the journal entry (if any) to record the impairment 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 SHOW LIST OF ACCOUNTS LINK TO TEXT