Presented below is information related to equipment owned by Concord Company at December 31, 2025. Cost $9,450,000 Accumulated depreciation to date 1,050,000 Expected future net cash flows 7,350,000 Fair value. 5,040,000 Assume that Concord will continue to use this asset in the future. As of December 31, 2025, 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, 2025. (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. List debit entry before credit entry.) Date Account Titles and Explanation Dec. 31 Debit Credit eTextbook and Media Solution List of Accounts Attempts: 1 of 1 used Prepare the journal entry to record depreciation expense for 2026. (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. List debit entry before credit entry.) Account Titles and Explanation eTextbook and Media Solution List of Accounts Debit Credit Attempts: 1 of 1 used