Problem 136 Presented below is information related to equipment owned by Porto Company at December 31, 2017. $5,600,000 Cost Accumulated depreciation to date 640,000 Expected future net cash flows 4,000,000 Fair value 2,720,000 Assume that Porto will continue to use this asset in the future. As of December 31, 2017, the equipment has a remaining useful life of 4 years. Fill the missing amounts and choose the correct option. the recoverability test, because For Porto company, the recoverability test compares $ to $ As a result, the asset is/are less than so a on impairment is recorded in 2017. Prepare the journal entry (if entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.) record the impairment of the asset December 31, 2017. (Credit account titles are automatically indented when the amount is Date Account Titles and Explanation Debit Credit Dec. 31 Prepare the journal entry to record depreciation expense for 2018. (Credit account titles are automatically indented when the amount manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.) entered. Do not indent Debit Credit Date Account Titles and Explanation Dec. 31 at December 31, 2018 is $4,100,000. Prepare the journal (Credit account The fair value of the edquip tod when the amount is entered. Do not indent anuel Tf no entry is required, select "No Entry'" for the eeunt titles and (if fair any) necessary to recod manually title accoun enter 0 for the amounts.) Debit Credit Date Account Titles and Explanation Dec. 31 Open Show Work Click if you would like to Show Work for this