Exercise 11-16 Presented below is information related to equipment owned by Marigold Company at December 31, 2020. $9,360,000 Cost Accumulated depreciation to date Expected future net cash flows 1,040,000 7,280,000 Fair value 4,992,000 Assume that Marigold will continue to use this asset in the future. As of December 31, 2020, the equipment has a remaining useful life of 5 years. Your answer is partially correct. Try again. Prepare the journal entry (if any) to record the impairment of the asset at December 31, 2020. (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.) Account Titles and Explanation Date Debit Credit Dec. 31TLoss on Impairment 1040000 Accumulated Depreciati 1040000 Your answer is partially correct. Try again. Prepare the journal entry to record depreciation expense for 2021. (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.) Account Titles and Explanation Debit Credit Depreciation Expense 1456000 Accumulated Depreciat 1456000