QUESTION 2 Alisha Enterprises purchased equipment for $78 on January 1, 2021. The equipment is expected to have a four-year life and a residual value of $5. What is the depreciation expense for 2021? 18.25 Write the journal entry to record the depreciation of the equipment for 2022 Account Debit Credit equipment QUESTION 3 Howard Inc. owns equipment for which it paid $63 million. Due to adverse economic conditions, Howard's management determined that it should assess whether an impairment loss should be recognized for the equipment. The following information may be useful in determining if an impairment should be made Historical cost of equipment $76 Accumulated depreciation 43 Undiscounted cash flows 30 Fair value of equipment 25 Calculate the book value of the asset Calculate the impairment loss (if any). If there is not an impairment, enter zero: MacBook Air