Presented below is information related to equipment owned by Crane Company at December $31,2020.$

Assume that Crane will continue to use this asset in the future. As of December $31,2020,$ the equipment has a remaining useful life

of $4$ years.

$($a$).$

$($b$)$

$($c$)$

The fair value of the equipment at December $31,2021,$ is $$5,151,000.$ 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 $0$ 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.

$31$

Depreclation Expense

Accumulated Depreclation$-$Bulldings