PROBLEM 3 (14%). Presented below is information related to equipment owned by Marley Company at December 31, 2018 Cost 6,200,000 Accumulated depreciation to date 1,200,000 Value-in-use 5,000,000 Fair value less cost of disposal 4,400,000 fal Assume that Marley will continue to use this asset in the future. As of December 31, 2018, After recording the depreciation expense for the year 2018, the equipment has a remaining useful of 4 years and the residual value of the equipment is 220,000.- Instructions. (a) Prepare the journal entry (if any) to record the impairment of the asset at December 31, 2018. (b) Prepare the journal entry to record depreciation expense for 2019. (c) The Fair Value less cost of disposal is3,200,000 and the Value-in-use i2,800,000 at December 31, 2019. Prepare the adjusting journal entry (if any) necessary related to the impairment of the asset at December 31, 2019.. Prepare the journal entry to record depreciation expense for 2020. The Fair Value less cost of disposal is 2,850,000 and the Value-in-use i 2,200,000 at December 31, 2020. Prepare the adjusting journal entry (if any) necessary related to the impairment of the asset at December 31, 2019