Presented below is information related to equipment owned by Novak Company at December 31, 2020. Cost (residual value $0) $8,917,800 Accumulated depreciation to date 1,002,900 Value-in-use 5,537,800 Fair value less cost of disposal 4,372,420 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 8 years. Novak uses straight-line depreciation. The recoverable amount of the equipment at December 31, 2021, is $6,072,340. Prepare the journal entry (if any) necessary to record this increase. (If no entry is required, select "No entry" for the account titles and enter O for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation Dec. 31 Debit Credit