View Policies Show Attempt History Current Attempt in Progress Presented below is information related to equipment owned by Skysong Company at December 31, 2025. Assume that Skysong will continue to use this asset in the future. As of December 31, 2025, the equipment has a remaining useful life of 5 years. (a) Your answer is partially correct. Prepare the journal entry (if any) to record the impairment of the asset at December 31, 2025. (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. List debit entry before credit entry.) Prepare the journal entry to record depreciation expense for 2026. (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. List debit entry before credit entry.) eTextbook and Media List of Accounts Attempts: unlimited (c) The fair value of the equipment at December 31,2026 , is $5,406,000. 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. Do not indent manually. List debit entry before credit entry.)