Presented below is information related to equipment owned by Bonita Company at December 31, 2020. Cost Accumulated depreciation to date Expected future net cash flows Fair value $9,810,000 1,090,000 7,630,000 5,232,000 Assume that Bonita will continue to use this asset in the future. As of December 31, 2020, the equipment has a remaining useful life of 4 years. (a) Your answer is correct. Prepare the journal entry (if 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.) Debit Credit Date Account Titles and Explanation Dec. 31 Loss on Impairment 3488000 Accumulated Depreciation Equipment 3488000 Your answer is partially correct. 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 Depreciation Expense Accumulated Depreciation Equipment eTextbook and Media List of Accounts The fair value of the equiement at December 31, 2021, is 56.018000. Prepare the journal entry if any) necessary to record this increase in fair value of no entry is required, select "No entry for the account titles and enter for the amounts. Credit account titles are cutomatically Indented when amount is entered. Do notIndent manually) Date Account Titles and Explanation Debit Credit Dec 31