Belize Mills Limited uses special forming equipment in its manufacturing business. The equipment was purchased in January 2018 for $6,000,000 and had an estimated useful life of 10 years with no salvage value. At December 31, 2020, new technology was introduced that would accelerate the obsolescence of Belize Mills Limited's equipment. Belize Mills Limited's controller estimates that expected future net cash flows on the equipment will be $4,000,000 and that the fair value of the equipment is $3,300,000. Belize Mills Limited intends to continue using the equipment, but it is estimated that the remaining useful life is 4 years. Belize Mills Limited uses straight-line depreciation. Instructions 1. Prepare the journal entry (if any) to record the impairment at December 31,2020. 2. Prepare any journal entries for the equipment at December 31,2021 . The fair value of the equipment at December 31,2021 , is estimated to be $3,700,000. 3. Repeat the requirements for (a) and (b), assuming that CSD intends to dispose of the equipment and that it has not been disposed of as of December 31, 2021