Exercise 12-13 (Part Level Submission) Presented below is information related to copyrights owned by Sheridan Company at December 31, 2017 Cost Carrying amount Expected future net cash flows Fair value $8,700,000 4,390,000 3,980,000 3,250,000 Assume that Sheridan Company will continue to use this copyright in the future. As of December 31, 2017, the copyright is estimated to have a remaining useful life of 10 years. (a) Prepare the journal entry to record the impairment of the asset at December 31, 2017. The company does not use accumulated amortization accounts. (If no entry is required, for the account titles and enter o for the amounts. Credit account tities are automatically indented when amount is entered. Do not indent manually.) Account Titles and Explanation Debit Credit LINK TO TEXT Attempts: 0 of 3 used SAVE FOR LATER SUR (b) The parts of this question must be completed in order. This part will be available when you complete the part above The parts of this question must be completed in order. This part ww be available when you complete the part above