Presented below is information related to equipment owned by Crane Company at December 31, 2020. Cost $9,090,000 Accumulated depreciation to date 1,010,000 Expected future net cash flows 7,070,000 Fair value 4,848,000 Crane intends to dispose of the equipment in the coming year. It is expected that the cost of disposal will be $20,200. 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 o for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually.) Debit Credit Date Account Titles and Explanation Dec. 31 SHOW LIST OF ACCOUNTS LINK TO TEXT LINK TO VIDEO Prepare the journal entry (if any) to record depreciation expense for 2021. (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.) Account Titles and Explanation Debit Credit SHOW LIST OF ACCOUNTS LINK TO TEXT LINK TO VIDEO The asset was not sold by December 31, 2021. The fair value of the equipment on that date is $5,353,000. Prepare the journal entry (if any) necessary to record this increase in fair value. It is expected that the cost of disposal is still $20,200. (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.) Date Account Titles and Explanation Debit Credit Dec. 31 SHOW LIST OF ACCOUNTS LINK TO TEXT LINK TO VIDEO Accumulated Depreciation-Buildings Accumulated Depreciation Equipment Accumulated Depreciation-Machinery Accumulated Depreciation-Plant Assets Accumulated Depreciation-Trucks Buildings Cash Coal Mine Depreciation Expense Equipment Gain on Disposal of Machinery Inventory Investment Properties Loss on Disposal of Plant Assets Loss on Impairment Machinery Maintenance and Repairs Expense No Entry Paid-in Capital in Excess of Par - Common Stock Plant Assets Recovery of Loss from Impairment Retained Earnings Timber Trucks Unrealized Gain on Revaluation