- Homework: E11.17, E11.18, E11.22 Question 1 of 3 9.26 / 33.33 E Current Attempt in Progress Presented below is information related to equipment owned by Waterway Company at December 31, 2020. Cost $10,710,000 Accumulated depreciation to date 1,190,000 Expected future net cash flows 8,330,000 Fair value 5,712,000 Waterway intends to dispose of the equipment in the coming year. It is expected that the cost of disposal will be $23,800. As of December 31, 2020, the equipment has a remaining useful life of 4 years. (a) Your Answer Correct Answer Your answer is partially correct. Prepare the journal entry (if any) to record the impairment of the asset at December 31, 2020. (If no entry is required, select "No entry" for the account titles and enter 0 for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually.)Question 1 of 3 9.26! 33.33 E Date Account Tias and Explanation Debit audit Dec. 31 l Loss on Impairment ' ' 3831300 I Accumulated Depreciation-Equipment ' ' 5021300 eTextbookand Media Solution List of Accounts Attempts: 3 of 3 used lb) 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 0 for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually.) Account Titles and Explanation Debit Credit