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Exercise 11-16 Presented below is information related to equipment owned by Cheyenne Company at December 31, 2017. Cost Accumulated depreciation to date 1,080,000 Expected future net cash flows Fair value $9,720,000 5,184,000 Assume that Cheyenne will continue to use this asset in the future. As of December 31, 2017, the equipment has a remaining useful life of 5 years Your answer is correct. Prepare the journal entry (if any) to record the impairment of the akset at December 31, 2017. (ar no entry is required, select "No entry" for the account tities an enter 0 for the amounts, Credit account tities are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit Dec. 31 Loss on Impairment 3456000 Accumulated Depreciation-Equipment 3456000 Your answer is partially correct. Try again. Prepare the journal entry to record depreciation expense for 2018. (If no entry is required, select "No entry Credit account titles are automatically indented when amount is entered. Do not indent manually) for the account titles and enter O for the amounts Account Titles and Explanation Debit Credit Accumulated Depreciation-Equipment Loss on Impairment Your answer is partially correct. Try again. The fair value of the equipment at December 31, 2018, is s5,508,000. Prepare the journal entry (if any) necessary to record this increase in fair value. (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. D not indent manually.) Date Account Titles and Explanation Debit Credit Dec.31 Accumulated Depreciation-Equipment Loss on Impairment