Panera Products reported a write-down loss of $64,000 for one of its plant assets on December 31, 2022. The asset is currently held for disposal. At December 31, 2023, the fair value of the asset increased by $86,000. Can Panera record a recovery? Prepare the journal entry to record the recovery if it is permitted. Determine whether Panera can record the recovery. Panera can record the recovery since the asset is held for disposal, but only up to the previously recognized write-down. Now, prepare the journal entry to record the recovery if it is permitted as of December 31, 2023. (Record debits first, then credits. Exclude explanations from any journal entries. If no entry is required, select "No entry required" on the first account line and leave the remaining cells blank.) Account December 31, 2023