3. Journal entry questions. Questions are weighted as shown. Use the following data for questions 1 and 2: Lucren Company is considering a loss on impairment for one of its assets. Information on this asset follows: Cost Accumulated depreciation to date Expected future net cash flows Fair value $9,000,000 1,000,000 7,000,000 4,800,000 Assume that Lucren will continue to use this asset in the future. As of 12/31/21, the equipment has a remaining useful life of 4 years. 1. (6 points) Prepare the journal entry (if any) at 12/31/21 to record impairment on this asset. Debit Credit 2. (6 points) Prepare the journal entry to record depreciation expense on the asset for the year 2022. Debit Credit (4 points) Assuming the asset in questions 1 and 2 has an increase in fair value to $5,100,000 in 2022, prepare the journal entry (if any) necessary to record this increase. Debit Credit