Coronado Company uses special strapping equipment in its packaging business. The equipment was purchased in January 2019 for $11,200,000 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 Coronado's equipment. Coronado's controller estimates that expected future net cash flows on the equipment will be $7,056,000 and that the fair value of the equipment is $6,272,000. Coronado intends to continue using the equipment, but it is estimated that the remaining useful life is 4 years. Coronado uses straight-line depreciation. Prepare all required journal entries (if any) at December 31,2021 . The fair value of the equipment at December 31,2021 , is estimated to be $6,608,000. (If no entry is required, select "No entry" for the account titles and enter 0 for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually.)