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 $7,080,000.(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.)