Current Attempt in Progress The information that follows relates to equipment owned by Waterway Limited at December 31, 2023: Cost $3,510,000 Accumulated depreciation to date 390,000 Expected future net cash flows (undiscounted) 2,730,000 Expected future net cash flows (discounted, value in use) 2,476,500 Fair value 2,418,000 Costs to sell (costs of disposal) 19,500 Assume that Waterway will continue to use this asset in the future. As at December 31, 2023, the equipment has a remaining useful life of four years. Waterway uses the straight-line method of depreciation. Assume that Waterway is a private company that follows ASPE (a) Your answer is partially correct. Prepare the journal entry at December 31, 2023, to record asset impairment, if any. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts. List debit entry before credit entry.) Date December 31, 2023 Account Titles and Explanation Loss on impairment Debit 721500 Credit Accumulated Impairment Losses-Equipment 721500