Presented below is information related to equipment owned by Novak Company at December 31, 2020. Cost 6,820,000 Accumulated depreciation to date 670,000 Expected future net cash flows 4,730,000 Fair value 3,430,000 Assume that Novak will continue to use this asset in the future. As of December 31, 2020, the equipment has a remaining useful life of 4 years and no salvage value. Prepare the journal entry (if any) to record the impairment of the asset at December 31, 2020.