Just part B

Problem 11-9 (Part Level Submission) ny uses special strapping equipment in its packaging business. The equipment was purchased in January 2016 for $10,300,000 and had an estimated usefu life of 8 years with no salvage value. At December 31, 2017, new technology was introduced that would accelerate the obsolescence of Metlock's equipment. Metlock's controller estimates that expected future net cash flows on the equipment will be $6,489,000 and that the fair value of the equipment is $5,768,000. Metlock intends to continue using the equipment, but it is estimated that the remaining useful life is 4 years. Metlock uses straight-line depreciation. ? (a) Your answer is correct. Prepare the Journal entry (if any) to record the impairment at December 31, 2017. ( 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) Date Account Titles and Explanation Debit Credit Dec. 31 Loss on Impairment 1957000 Accumulated Depreciation-Equipment 1957000 SHOW LIST OF ACCOUNTS SHOW SOLUTION SHOW ANSWER Attemptst 1 of 3 used Y(b) ?Your answer is partially correct. Try again. Prepare the journal entry for the equipment at December 31, 2018. The fair value of the equipment at December 31, 2018, is estimated to be $6,077,000. ( 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. D not indent manually.) Date Account Titles and Explanation Debit Credit