relates to the cutting machine:

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The firm estimates that the machine has a useful life of $10$ years and it has used it for $4$ years. It has no salvage value.

Read the requirements.

Requirement a$.$ Prepare the journal entry required to record the impairment loss. $($Record debits first, then credits. Exclude explanations from any journal entries. Round your answer to the nearest whole dollar.$)$

Requirements

a$.$ Prepare the journal entry required to record the impairment loss.

b$.$ Assuming that Wolz's uses the straight$-$line method with no residual value,

prepare the journal entry to record the revised depreciation expense for the first

year immediately following the impairment.

c$.$ Assume that $2$ years following the impairment write$-$down, the fair value $($less

the costs to sell$)$ and value in use of the asset falls to $$738,000.$ Prepare any

journal entry necessary to reflect the change in fair value.

Data table