Question 19 Answer saved Marked out of 1.00 Flag question A firm purchased a noncurrent asset on January 1, 2017 for $2,000,000. The asset has an estimated salvage value of $250,000 and a 10-year useful life. On December 31, 2020, the firm decided to sell the asset within the next three months. The firm began advertising for the sale and collected offers. The asset has a fair value of $1,000,000 and will cost $50,000 to sell. What journal entry is required at December 31, 2020? Select one: a. Debit to the noncurrent asset for $350,000 and credit to impairment loss for $350,000. b. Debit to impairment loss for $700,000 and credit to the noncurrent asset for $700,000. c. Debit to the noncurrent asset for $700,000 and credit to impairment loss for $700,000. d. No journal entry is required. e. Debit to impairment loss for $350,000 and credit to the noncurrent asset for $350,000.