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Question 5 of 6 1.67/3 III Presented below is information related to equipment owned by Sunland Company at December 31, 2020 Cost $10,170,000 Accumulated depreciation to date 1,130,000 Expected future net cash flows 7.910.000 Fair value 5.424,000 Sunland intends to dispose of the equipment in the coming year. It is expected that the cost of disposal will be $22.600 As of December 31, 2020, the equipment has a remaining useful life of 4 years Your answer is correct Prepare the journal entry of any) to record the impairment of the asset at December 31, 2020. Or no entry is required, select "No entry for the account titles and enter o for the amounts Credit account tities are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit Dec 31 Los on Imment 3638000 Accumulated Depreciation Equiment e Textbook and Media List of Accounts Your answer is partially correct Prepare the journal entry of any to record depreciation expense for 2021 (If no entry is required, select "No entry for the account tities and enter o for the amounts. Credit account titles are automatically Indented when amount is entered. Do not indent manually) Account Tities and Explanation Debit Credit eTextbook and Media List of Accounts e Textbook and Media List of Accounts Your answer is partially correct. Prepare the journal entry (if any) to record depreciation expense for 2021. (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) Account Titles and Explanation Debit Credit eTextbook and Media List of Accounts Your answer is partially correct The asset was not sold by December 31, 2021. The fair value of the equipment on that date is 55,989.000. Prepare the journal entry (if anynecessary to record this increase in fair value. It is expected that the cost of disposal is still $22,600. (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.) ount Titles and Explanation Debit Credit eTextbook and Media List of Accounts

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