8 Presented below is information related to equipment owned by Davis Company at December 31, 2020. Cost $6,750,000 Accumulated depreciation to date 750,000 Sum of the expected future net cash flows (undiscounted) 5,250,000 Fair value 3,600,000 Assume that Davis will continue to use this asset in the future. As of December 31, 2020, the equipment has a remaining useful life of 4 years. Required: Prepare the journal entry to record an impairment loss, if any (be sure to indicate the process you applied to determine whether or not the equipment is impaired)