Current Attempt in Progress Presented below is information related to equipment owned by Blossom Company at...

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Current Attempt in Progress Presented below is information related to equipment owned by Blossom Company at December 31, 2025. Cost $11,070,000 Accumulated depreciation to date 1,230,000 Expected future net cash flows 8,610,000 Fair value 5,904,000 Blossom intends to dispose of the equipment in the coming year. It is expected that the cost of disposal will be $24,600. As of December 31, 2025, the equipment has a remaining useful life of 4 years. Prepare the journal entry (if any) to record the impairment of the asset at December 31, 2025. (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. List debit entry before credit entry.) Date Account Titles and Explanation Dec. 31 Loss on Impairment Accumulated Depreciation-Equipment Debit Credit Current Attempt in Progress Presented below is information related to equipment owned by Blossom Company at December 31, 2025. Cost $11,070,000 Accumulated depreciation to date 1,230,000 Expected future net cash flows 8,610,000 Fair value 5,904,000 Blossom intends to dispose of the equipment in the coming year. It is expected that the cost of disposal will be $24,600. As of December 31, 2025, the equipment has a remaining useful life of 4 years. Prepare the journal entry (if any) to record the impairment of the asset at December 31, 2025. (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. List debit entry before credit entry.) Date Account Titles and Explanation Dec. 31 Loss on Impairment Accumulated Depreciation-Equipment Debit Credit