Presented below is information related to equipment owned by Coronado Company at December 31, 20 Cost Accumulated depreciation to date Expected future net cash flows Fair value $10,080,000 1.120,000 7,840,000 5,376,000 Coronado intends to dispose of the equipment in the coming year. It is expected that the cost of disposal will be $22,400. As of December 31, 2020, the equipment has a remaining useful life of 5 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 3584000 Accumulated Depreciation Equipment 3584000 Prepare the journal entry (if any) to record depreciation expense for 2021. (If no entry is required, select " Ny for the account titles and enter for the amounts. Credit account titles are automatically indented when amount is entered. aths Account Titles and Explanation Debit Credit Depreciation Expense 1075200 Accumulated Depreciation Equipment 1075200 e Textbook and Media List of Accounts Your answer is partially correct The asset was not sold by December 31, 2021. The fair value of the equipment on that date is $5,936,000. Prepare the journal entry (if any) necessary to record this increase in fair value. It is expected that the cost of disposal is still $22.400.( 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 Dehit Certit Your answer is partially correct. The asset was not sold by December 31, 2021. The fair value of the equipment on that date is $5,936,000. Prepare the journal entry (if any) necessary to record this increase in fair value. It is expected that the cost of disposal is still $22.400. 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 No Entry Debit Credit Dec 31 0 No Entry 0 eTextbook and Media List of Accounts