Vista Snowboarding Company, a public compary, purchased equipment on January 10, 2020, for $790,000. At that time, management estimated that the equipment would have a useful life of 10 years and a residual value of $50,000. Caria Vista uses the straight-line method of depreciation and has a December 31 year end. Carla Vista tested the equipment for impairment on December 31,2024 , after recording the annual depreciation expense. It was determined that the equipment's recoverable amount was $340,000, and that the total estimated useful life would be eight years instead of 10 , with a residual value of $10,000 instead of $50,000. (a) Calculate the annual depreciation expense for the years 2020 to 2024 and the carrying amount at December 31,2024. Record the impairment loss, if any, on December 31, 2024. (Credit account titles are automatically indented when the amount is entered. Do not indent monually. If no entry is required, select "No Entry" for the occount titles and enter of for the amounts. List debit entry before credit entry.)