Situation 4: On March 31, 2014, Tamarisk Corporation purchased a new piece of manufacturing equipment for a cost of $352,000. At that time, the estimated useful life of the equipment was five years, with a residual value of $71,000. On August 1, 2017, due to increased competition causing a decreased selling price for its product, Tamarisk decided to discontinue manufacturing the product. By December 31, 2017, there was a formal plan in place to sell the equipment, and the equipment qualified for classification as held for sale. At December 31, 2017, the equipment's fair value less costs to sell was $57,000. Due to matters beyond Tamarisk's control, a potential sale of the equipment fell through in 2018, although consumer confidence in Tamarisk's product increased significantly because of reported defects in their competitors' products. The equipment remained classified as held for sale at December 31, 2018, when the equipment's fair value less costs to sell increased to $158,000. Tamarisk uses the straight-line method to depreciate its equipment. Prepare all journal entries required for the years ending December 31, 2017, and December 31, 2018. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter o for the amounts. Round answers to O decimal places, e.g. 5,275.) Debit Credit Date Account Titles and Explanation December 31, 2017 (To record depreciation on equipment) December 31, 2017 (To record impairment of equipment) December 31, 2018 (To record recovery from impairment) SHOW LIST OF ACCOUNTS LINK TO TEXT LINK TO TEXT LINK TO TEXT LINK TO TEXT LINK TO TEXT Question Attempts: 0 of 3 used