Question - 3 On January 1, 2015; An equipment which cost $550,000 is acquired. Its estimated residual value is zero and its expected life is 10 years. The company used the straight- line method for depreciation. On December 31, 2016 the company determine that the recoverable amount for the equipment is $450,000 On December 31, 2017 the company determine that the recoverable amount for the equipment is $300,000. On December 31, 2018 the company determine that the recoverable amount for the equipment is $240,000. On December 31, 2019 the company determine that the recoverable amount for the equipment is $280,000 and the remaining useful life 3 years with $10,000 salvage value Instructions 1- Prepare the journal entries required (if any) to the record the impairment or the recovery of impairment on the following dates: if there is no entry explain why. December 31, 2016 December 31, 2017 December 31, 2018 December 31, 2019 2- Complete the following table year Book value Depreciation expense Accumulated depreciation 2015 2016 2017 2018 2019 2020