Presented below is information related to equipment owned by Bonita Company at December 31, 2020 . Bonita intends to dispose of the equipment in the coming year. It is expected that the cost of disposal will be $21,800. As of December 31, 2020, the equipment has a remaining useful life of 4 years. (a) (b) (c) The asset was not sold by December 31, 2021. The fair value of the equipment on that date is $5,777,000. Prepare the joumal entry (if any) necessary to record this increase in fair value. It is expected that the cost of disposal is still $21,800. (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.)