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 Fair value 1,040,000 7,280,000 4,992,000 Assume that Marigold will continue to use this asset in the future. As of December 31, 2020, the equiement has a remaining useful life of 5 years. Prepare the journal entry (f any) to record the impairment of the asset at December 31, 2020. (I no entry is required, select "No entry" for the account tities and enter 0 for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit Dec. 31 Prepare the journal entry to record depreciation expense for 2021. (I no entry is required, select "No entry" for the account titles and enter o for the amounts. Credit acceunt titles are automatically indented when amount is entered. Do not indent manually.) Account Titles and Explanation Debit Credit SHOW LIT O CCOUNTS LIN TO TET LINK TO VO The fair value of the equipment at December 31, 2021, is $5.304,000. Prepare the jouurnal entry (if any) necessary to record this increase in fair value. (If no entry is required, select "No entry" for the account es and enter e for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Ttles and Explanation Debit Credit Dec. 31 Click if you would like to Show Work for this question: Open Show Work