Presented below is information related to equipment owned by Skysong Company at December 31, 2020. Cost $9,540,000 Accumulated depreciation to date 1,060,000 Expected future net cash flows 7,420,000 Fair value 5,088,000 Skysong intends to dispose of the equipment in the coming year. It is expected that the cost of disposal will be $21,200. As of December 31, 2020, the equipment has a remaining useful life of 5 years. Prepare the journal entry (if any) to record the impairment of the asset at December 31, 2020.

Exercise 2-12 cost behavior; high-low method [lo2-3, lo2-4] speedy parcel service operates a fleet of delivery trucks in a large metropolitan area. a careful study by the company’s cost analyst has determined that if a truck is driven 120,000 miles during a year, the average operating cost is 11.6 cents per mile. if a truck is driven only 80,000 miles during a year, the average operating cost increases to 13.6 cents per mile. required: 1.& 2. using the high-low method, estimate the variable and fixed cost elements of the annual cost of truck operation. (round the "variable cost per mile" to 3 decimal places.)