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Exercise 11-16 Presented below is information related to equipment owned by Grouper Company at December 31. 2017. Cost Accumulated depreciation to date Expected future net cash flows Fair value $9,810,000 1,090,000 7,630,000 5,232,000 Assume that Grouper will continue to use this asset in the future. As of December 31, 2017, the equipment has a remaining useful life of 4 years. Prepare the journal entry (if any) to record the impairment of the asset at December 31. 2017. (If no entry is required, select "No entry for the account titles and enter 0 for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation DebitCredit Dec. 31 Prepare the journal entry to record depreciation expense for 2018. (If no entry is required, select "No entry" for the account titles and enter 0 for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually.) Account Titles and Explanation DebitCredit SHOW LIST OF ACCOUNTS LINK TO TEXT The fair value of the equipment at December 31, 2018, is $5,559,000. Prepare the journal entry (if any) necessary to record this increase in fair value. (If no entry is required, select No entry for the account titles and enter o for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually.) Debit Credit Date Account Titles and Explanation Dec. 31