JS Keo, Intermediate Accounting, 17e CALCULATOR PRINTER VERSION BACK NEXT Exercise 11-16 Presented below is information related to equipment owned by Novak Company at December 31, 2020. Cost $11,250,000 Accumulated depreciation to date 1,250,000 Expected future net cash flows 8,750,000 Fair value 6,000,000 Assume that Novak will continue to use this set in the future. As of December 31, 2020, the couiment has a remaining useful life of 4 years Prepare the yournal entry of 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 for the amounts Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation Dec. 31 Debit Credit SHOW LIST OF ACCOUNTS LINK TO TEIT LINK TO TO Prepare the journal entry to record depreciation expense for 2021. (If no antry is required, elece entry for the account titles and enter for the amounts Credit accounties are automatically indented when amount is entered. Do not inden manually Account Tities and Explanation Debit Credit SHOW OF ACCOUNTS LENT LIN LINK TO TEXT CALCULATOR LINK TO VIDEO PRINTER VERSION BACK NEXT Prepare the journal entry to record depreciation expense for 2021. (If no entry is required, select "No entry for the account titles and enter for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually.) Account Titles and Explanation Debit Credit SHOW LIST OF ACCOUNTS LINK TO TEXT LINK TO VIDEO The fair value of the equipment at December 31, 2021, is $6,375,000. Prepare the journal entry (if any) necessary to record this increase in fair value. (If no entry is required, select "No entry" for the account titles and enter 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 Click if you would like to show Work for this question Open Show Work SHOW LIST OF ACCOUNTS LINK TO TEXT LINK TO VIDEO Question Attempts: 0 of 3 used