Presented below is information related to equipment owned by Monty Company at December 31, 2017. Cost $9,450,000
Accumulated depreciation to date 1,050,000
Expected future net cash flows 7,350,000
Fair value 5,040,000
Monty intends to dispose of the equipment in the coming year. It is expected that the cost of disposal will be $21,000. As of December 31, 2017, the equipment has a remaining useful life of 4 years.
Required:
Prepare the journal entry (if any) to record the impairment of the asset at December 31, 2017.

Salge inc. bases its manufacturing overhead budget on budgeted direct labor-hours. the variable overhead rate is $8.10 per direct labor-hour. the company's budgeted fixed manufacturing overhead is $74,730 per month, which includes depreciation of $20,670. all other fixed manufacturing overhead costs represent current cash flows. the direct labor budget indicates that 5,300 direct labor-hours will be required in september. the company recomputes its predetermined overhead rate every month. the predetermined overhead rate for september should be: