Presented below is information related to equipment owned by Concord Company at December 31, 2020. Cost $5,650,000 Accumulated depreciation to date 640,000 Expected future net cash flows 4,000,000 Fair value 2,720,000 Assume that Concord will continue to use this asset in the future. As of December 31, 2020, the equipment has a remaining useful life of 4 years.

Your Answer Correct Answer Your answer is partially correct. Prepare the journal entry (if any) to record the impairment of the asset at December 31, 2020. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter for the amounts.) Date Account Titles and Explanation Debit Credit Dec. 31 Loss on Impairment 960000 Accumulated Depreciation-Equipment 960000 e Textbook and Media List of Accounts Attempts: 3 of 3 used (c) Your answer is partially correct. Prepare the journal entry to record depreciation expense for 2021. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter Ofor the amounts.) Date Account Titles and Explanation Debit Credit Dec. 31 Depreciation Expense Accumulated Depreciation Equipment