Bonus: (8 points) Presented below is information related to equipment owned by Leo Company at Dec. 31, 2020. 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 Leo 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 (show all your calculations): a. Prepare the journal entry (if any) to record the impairment of the asset at December 31, 2020. b. Prepare the journal entry to record depreciation expense for 2021