Pronghorn Carporation uses special strapping equipment in its packaging business. The equipment was purchased in January 2016 for $9.900 million and had an estimated useful life of 8 years with no residual value. In early April 2017, a part costing $857,500 and desioned to increase the machinery's e fic ency was added he machines estimated useful life did not change ith his addition By December 31, 2017 new technology had been introduced that 0uld speed up he obsolescence of pronghorns equipment. Pronghorn's controller estimates that expected undiscounted uture net cash flows on he equipment would be 6.174 million, and that expected discounted future nat cash flows on the aquipment would be $5.684 m an. Fair va ue a the equipment at December 31, 2017 was Rs mated to b 5.488 million. Pronghorn intends to continue using the equipment, but estimates that its remaining uscful lifa is now four years. Pronghorn uses straight-line depreciation. Assume that Pronghom is a private company that follows ASPE Your answer is partially correct. Try again. Propare the journal entry to record asset impairment at December 31, 2017, if any. (Credit account titles are automatically indented when the amount is entered. Dao not indent manually. If no entry is required, select "No Entry for the account titles and enter O for the amaunts. Round answers to D decimal places, e.g. 5,275 Date Account Titles and Explanation Debit Credit Decamber 31, 2017 Loss on Impairment Accumulated Impalrment Losses-Equipment 1862000 Your answer is partially correct. Try again Fair value of e equipment at December 31, 2018 s estimated to be 5.782 million. Prepare any Journal enu es fr u e ec no entry is required, select "No Entry for the account titles and enter 0 for the amounts.) ment a December 31 2018. Credit dccount titles dre dulon dti llyi, dente v hen the rount is entered. Do not inde t mdl dll II Account Titles and Explanation Debit Credit December 31, 2018 1862000 1852D00