Presented below is information related to equipment owned by Bramble Company at December $31,2020.$

Cost $$10,260,000$

Accumulated depreciation to date $,1,140,000$

Expected future net cash flows $,7,980,000$

Fair value $,5,472,000$

Assume that Bramble will continue to use this asset in the future. As of December $31,2020,$ the equipment has a remaining useful life of $5$ years.

$($a$)$

$($b$).$

Prepare the journal entry to record depreciation expense for $2021.($If no entry is required, select $"$No entry" for the account titles and enter $O$ for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually.$)$

Account Titles and Explanation

Debit

Credit