WellCon Corporation, a calendar-year corporation, plans to dispose of a plant asset with a carrying value of $75,000 (cost is $112,500 and accumulated depreciation is $37,500 ) on December 31 of Year 1 after recording depreciation on the asset. The fair value of the asset is $60,000 at that time, and estimated costs to sell are $7,500. The asset remains in WellCon's possession one year later. The fair value and estimated costs to sell are $63,000 and $3,000 on December 31 of Year 2 . Provide the entries on December 31 of Year 1 and Year 2 to record the impairment loss and revaluation. Note: If a line in a journal entry isn't required for the transaction, select "N/A" as the account names and leave the Dr. and Cr. answers blank (zero)