Presented below is information related to equipment owned by Nash Company at December 31, 2020. Cost Accumulated depreciation to date Expected future net cash flows Fair value $9,180,000 1,020,000 7.140.000 4,896,000 Assume that Nash will continue to use this asset in the future. 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.) Debit Credit Date Account Titles and Explanation Dec. Loss on Impairment 31 3284400 Accumulated Depreciation Equipment 3284400 e Textbook and Media Prepare the journal entry to record depreciation expense for 2021. (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.) Debit Credit Account Titles and Explanation No Entry 0 No Entry 0 e Textbook and Media List of Accounts Your answer is partially correct. The fair value of the equipment at December 31, 2021, is $5,202,000. 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 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. Accumulated Depreciation-Equipment 31 510000 Recovery of Loss from Impairment 510000 e Textbook and Media List of Accounts