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Please answer question (c)! Presented below is information related to equipment owned by...

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Accounting

Please answer question (c)!

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Presented below is information related to equipment owned by Oriole SpA at December 31, 2022. Oriole intends to dispose of the equipment in the coming year. As of December 31, 2022, the equipment has a remaining useful life of 4 years. (b) Your answer is correct. Prepare the journal entry (if any) to record depreciation expense for 2023. (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.) eTextbook and Media Solution List of Accounts Attempts: 2 of 2 used (c) The asset was not sold by December 31, 2023. The fair value of the equipment on that date is 6,018,000. Prepare the journal entry (if any) necessary to record this increase. It is expected that the cost of disposal is still 23,600. (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.)

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