Ch 08 Assignment Question 4 of 9 View Policies < > Current Attempt in Progress The following information relates to equipment owned by Rachel Renovations Limited at December 31, 2020: Cost $6,840,000 Accumulated depreciation to date 760,000 Recoverable amount 4,712,000 -/5 E 1 Assume that Rachel will continue to use this equipment in the future. As at December 31, 2020, the equipment has a remaining useful life of four years. Rachel uses the straight-line method of depreciation. The depreciation for 2020 has already been recorded by the company. Prepare the journal entry, if any, to record the impairment of the asset at December 31, 2020. (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.) Date Account Titles and Explanation Dec. 31, 2020 Debit Credit (To record impairment loss on equipment) eTextbook and Media List of Accounts What is the amount reported for equipment on the statement of financial position at December 31, 2020? Carrying amount $ eTextbook and Media List of Accounts Assistance Used