Blossom Company uses special strapping equipment in its packaging business. The equipment was purchased in January 2019 for $12,300,000 and had an estimated useful life of 8 years with no salvage value. At December 31, 2020, new technology was introduced that would accelerate the obsolescence of Blossoms equipment. Blossoms controller estimates that expected future net cash flows on the equipment will be $7,749,000 and that the fair value of the equipment is $6,888,000. Blossom intends to continue using the equipment, but it is estimated that the remaining useful life is 4 years. Blossom uses straight-line depreciation.

a. Prepare the journal entry (if any) to record the impairment at December 31, 2020. (If no entry is required, select "No entry" for the account titles and enter 0 for the amounts.

b. Prepare the journal entry for the equipment at December 31, 2021. The fair value of the equipment at December 31, 2021, is estimated to be $7,257,000. (If no entry is required, select "No entry" for the account titles and enter 0 for the amounts.

c. Prepare the journal entry (if any) to record the impairment at December 31, 2020 and for the equipment at December 31, 2021, assuming that Blossom intends to dispose of the equipment and that it has not been disposed of as of December 31, 2021. (If no entry is required, select "No entry" for the account titles and enter 0 for the amounts.

Please show detailed calculation steps!