Practice Exercise 11-3 Presented below is information related to equipment owned by Crane Company at December 31, 2017. $5,880,000 Cost Accumulated depreciation to date 588,000 Expected future net cash flows 3,920,000 Fair value 2,744,000 Assume that Crane will continue to use this asset in the future. As of December 31, 2017, the equipment has a remaining useful life of 4 years. Prepare the journal entry (if any) to record the impairment of the asset at December 31, 2017. (Ifno 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 December 31, 2017 SHOW LIST OF ACCOUNTS LINK TO TEXT Practice Exercise 11-3 Presented below is information related to equipment owned by Crane Company at December 31, 2017. $5,880,000 Cost Accumulated depreciation to date 588,000 Expected future net cash flows 3,920,000 Fair value 2,744,000 Assume that Crane will continue to use this asset in the future. As of December 31, 2017, the equipment has a remaining useful life of 4 years. Prepare the journal entry (if any) to record the impairment of the asset at December 31, 2017. (Ifno 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 December 31, 2017 SHOW LIST OF ACCOUNTS LINK TO TEXT