6 6. Below is information related to equipment owned by Lee Company at December 31, 2020. Cost $7,000,000 Accumulated depreciation through 12/31/20 1,800,000 Expected future net cash flows 5,000,000 (total for the next 4 years) Fair value 3,400,000 Lee will continue to use this asset for the next 4 years. a. Is the equipment impaired, yes or no, and how do you know? (2 points) b. What journal entry should Lee make, if any, on December 31, 2020? (2 points) C. The fair value of the equipment on December 31, 2021 increases to $4,100,000. What journal entry or entries should Lee make on December 31, 2021? (2 points)