Presented below is information related to equipment owned by Concord Company at December 31, 2025. Cost Accumulated depreciation to date Expected future net cash flows Fair value Assume that Concord will continue to use this asset in the future. As of December 31, 2025, the equipment has a remaining useful life of 4 years. (a) $9,450,000 1,050,000 7,350,000 5,040,000 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 O for the amounts, Credit account titles are automatically indented when amount is entered. Do not indent manually. List debit entry before credit entry.) Date Account Titles and Explanation Dec. 31 Debit Credit

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Deferred Tax

Deferred tax is an estimated future tax which is made while preparing accounts. It is estimated as a result of past and present transactions in the financial statements. It is not the actual tax which needs to be paid or refundable from the revenue authority, it is an accounting entry. It exists because of the difference between accounting profits and taxable profits.