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

Cost		$9,450,000
Accumulated depreciation to date		1,050,000
Expected future net cash flows		7,350,000
Fair value		5,040,000

Concord intends to dispose of the equipment in the coming year. It is expected that the cost of disposal will be $21,000. As of December 31, 2020, the equipment has a remaining useful life of 4 years.

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 0 for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually.)

The asset was not sold by December 31, 2021. The fair value of the equipment on that date is $5,565,000. Prepare the journal entry (if any) necessary to record this increase in fair value. It is expected that the cost of disposal is still $21,000.