Presented below is information related to equipment owned by Grouper Company at December 31, 2020. Cost Accumulated depreciation to date Expected future net cash flows Fair value $6,720,000 768,000 4,800,000 3,264,000 Assume that Grouper will continue to use this asset in the future. As of December 31, 2020, the equipment has a remaining useful life of 4 years. Prepare the journal entry to record depreciation expense for 2021. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter for the amounts.) Debit Credit Date Account Titles and Explanation Dec. Depreciation Expense 31 672000 Accumulated Depreciation-Equipment 672000 e Textbook and Media List of Accounts Attempts: 3 of 3 used (d) The fair value of the equipment at December 31, 2021 is $3,264,000. Prepare the journal entry (if any) necessary to record this increase in fair value. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.) Date Account Titles and Explanation Debit Credit Dec. 31