*Problem 11-9 Whispering Company uses special strapping equipment in its packaging business. The equipment was purchased in January 2016 for $10,300,000 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 Whispering's equipment. Whispering's controller estimates that expected future net cash flows on the equipment will be 56,489,000 and that the fair value of the equipment is $5,768,000. Whispering intends to continue using the equipment, but it is estirmated that the remaining useful life is 4 years. Whispering uses straight-line depreciation. Your answer is partialy coect. Try again. Prepare the journal entry (If any) to record the impairment at December 31, 2017. (lf no entry is required, select "No entry" for the account titles and enter O for the amounts. Credt account titles are automatlcally Indented when amount is cntered. Do not indent manually.) Date Account Titles and Explanation Debit Credit 1957000 Dec. 31 1337000 Your answer is partially correct. Try again. Prepare the journal entry for the equipment at December 31, 2018. The fair value of the equipment at December 31, 2018, is estimated to be $6,077,000. (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 ciation 1519250 Accumulated Depreciation-Equipment 1519250 Your answer is partially correct. Try again. Prepare the journal entry (if any) to record the impairment at December 31, 2017 and for the equipment at December 31, 2018, assuming that Whispering intends to dispose of the equipment and that it has not been disposed of as of December 31, 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 manuslly) Date Account Titles and Explanation Debit Credit 1d957000 ) 12311 on Accumulated Depreclation-Equipment 1957 12311 umulated reciation Recovery of Impairment Loss