Presented below is information related to equipment owned by Crane Company at December 31, 2020 Cost Accumulated depreciation to date Expected future net cash flows Fair value $9,090,000 1.010,000 7,070,000 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 remainingliseful life of 4 years. Your answer is partially correct Prepare the journal entry it 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 Lowongament 9232000 comoted Direction Coment 3232000 e Textbook and Media Prepare the journal entry if any) to record depreciation expense for 2021. Ir ne 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) Debit Credit Account Titles and Explanation Depreciation Experte Accumulated Depreciation-liquipment 1212000 1313000 eTextbook and Media List of Accounts Your awer is partially correct The asset was not sold by December 31, 2021. The fair value of the equipment on that date is 55,353.000. Prepare the journal entry City) comary to record this increase in fair value it is expected that the cost of disposal's still $20.200.0 no entry Penulired, select "No entry for the account titles and enter for the amounts. Credit accountitles are automatically Indented when amount is entered. Do not indent manually) Account Titles and Explanation Debit Credit Date Dec 30