Samuel Company uses special strapping equipment in its packaging business. The equipment was purchased in January 2017 for $6,000,000 and had an estimated useful life of 8 years with no salvage value. At December 31, 2018, new technology was introduced that would accelerate the obsolescence of Samuels equipment. Samuels controller estimates that expected future net cash flows on the equipment will be $3,750,000 and that the fair value of the equipment is $3,300,000. Samuel intends to continue using the equipment, but it is estimates that the remaining useful life is 4 years. Samuel uses the straight-line method of depreciation. Required: (a) What is the carrying value (book value) of the equipment? (b) Prepare the journal entry (if necessary) to record the impairment at December 31, 2018. (c) Prepare any journal entries for the equipment at December 31, 2019. The fair value of the equipment at December 31, 2019 is estimated to be $3,450,000.