Bramble Company uses special strapping equipment in its packaging business. The equipment was purchased in January 2019 for $11,400,000 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 Bramble's equipment. Bramble's controller estimates that expected future net cash flows on the equipment will be $7,125,000 and that the fair value of the equipment is $6,270,000. Bramble intends to continue using the equipment, but it is estimated that the remaining useful life is 4 years. Bramble uses straight-line depreciation. 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 $6,555,000. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.)