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Print by: Logan Adkins 1024.201901: ACC-311-101 / Chapter 11 Homework Exercise 11-18 The management of Oriole tnc. was discussing whether certain equipment should be written off as a charge to current operations because of obsolescence. This equipment has a cost of $1,035,000 with deprecia cash flows from this equipment to be $345,000 and its fair value to be $264,500. The company intends to use this equipment in the future. Prepare the journal entry (if any) to record the impairment at December 31, 2017.(If no entry is required, select "No en ation to date of $460,000 as of December 31, 2017. On December 31, 2017, management projected its future net for the account titles and enter 0 for the amounts. Credit account titles are automatically indented when amount is entered. De not indent manually.) Date Account Titles and Explanation Debit Credit Dec. 31 At December 31, 2018, the equipment's increased t's fair value increased to $299,000.Prepare the younal entry (if any) to record this increase in fair value. (X no entry is account titles and enter O for the amounts. Credit account required, select "No entry for the entered. Do not indent manually.) tities are automatically indented when amount is Date Account Titles and Explanation Debit Credit Dec. 31 Question Attempts: 0 of 10 used

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