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Presented below is information related to equipment owned by Whispering Company at December 31, 2020...

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Accounting

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Presented below is information related to equipment owned by Whispering Company at December 31, 2020 Cost $9.990,000 1.110,000 Accumulated depreciation to date Expected future net cash nows Fair value 7.770.000 5,328.000 Assume that Whispering will continue to use this asset in the future. As of December 31, 2020, the equipment has a remaining useful life of 4 years (a) Prepare the journal entry of any to record the impairment of the asset at December 31, 2020. (If no entry is required, select "No entry for the account titles and enter for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit Dec. 31

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