Presented below is information related to equipment owned by Concord Company at December 31, 2020. Cost Accumulated depreciation to date Expected future net cash flows Fair value $9,450,000 1,050,000 7.350,000 5,040,000 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 is partially 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) Date Account Titles and Explanation Debit Credit Dec. 31 Loss on Impairment 1050000 Accumulated Depreciation Equipment 1050000 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 1837500 Accumulated Depreciation Equipment 1837500 The fair value of the equipment at December 31, 2021, is $5,355,000. Prepare the journal entry (if any) necessary to record this increase in fair value. (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.) Date Debit Credit Account Titles and Explanation Recovery of Loss from Impairment Dec. 31 157500 Accumulated Depreciation Equipment 157500