Kingbird Company uses special strapping equipment in its packaging business. The equipment was purchased in January 2019 for $12,100,000 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 Kingbird's equipment. Kingbird's controller estimates that expected future net cash flows on the equipment will be $7,623,000 and that the fair value of the equipment is $6,776,000. Kingbird intends to continue using the equipment, but it is estimated that the remaining useful life is 4 years. Kingbird uses straight-line depreciation. (a) Prepare the journal entry (if any) to record the impairment 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.) (b) 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 $7,139,000. (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.) eTextbook and Media List of Accounts Attempts: 0 of 5 used (c) Prepare the journal entry (if any) to record the impairment at December 31, 2020 and for the equipment at December 31, 2021, assuming that Kingbird intends to dispose of the equipment and that it has not been disposed of as of December 31, 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.) Accumulated Depreciation-Buildings Accumulated Depreciation-Equipment Accumulated Depreciation-Machinery Accumulated Depreciation-Plant Assets Accumulated Depreciation-Trucks Buildings Cash Coal Mine Depreciation Expense Equipment Gain on Disposal of Machinery Inventory Investment Properties Loss on Disposal of Plant Assets Loss on Impairment Machinery Maintenance and Repairs Expense No Entry Paid-in Capital in Excess of Par - Common Stock Plant Assets Recovery of Loss from Impairment Retained Earnings Timber Trucks Unrealized Gain on Revaluation