Q-9: Presented below is information related to equipment owned by Sohar Chips at December 31, 2017. Cost 8,000,000 Accumulate depreciation to date: 1,000,000 Value in use 6,000,000 Fair value less cost of disposal 3,400,000 Assume that Sohar chips intends to dispose of the equipment in the coming year. As of December 31, 2017, the equipment has a remaining useful life of 4 years. Instructions: a. Prepare the journal entry (if any) to record the impairment of the asset at December 31, 2017. b. Prepare the journal entry (if any) to record depreciation expense for 2018. c. The asset was not sold by December 31, 2018. The fair value of the equipment on that date is 4,100,000. Prepare the journal entry (if any) necessary to record this increase. It is expected that the cost of disposal is 17,000