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Exercise 11-16 (Part Level Submission) Presented below is information related to equipment owned by Flint...

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Exercise 11-16 (Part Level Submission) Presented below is information related to equipment owned by Flint Company at December 31, 2017. Cost Accumulated depreciation to date 1,230,000 Expected future net cash flows Fair value $11,070,000 8,610,000 5,904,000 Assume that Flint will continue to use this asset in the future. As of December 3, 2017 the equipment as a remaining useful if of years. (a) Your answer is correct. 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 o for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation Credit Dec. 31 Loss on Impairment 3936000 Accumulated Depreciation-Equipment 3936000 Prepare the journal entry to record depreciation expense for 2018. (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.) Account Titles and Explanation Debit Credit

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