Presented below is information related to equipment owned by Oriole Company at December 31, 2020. Cost Accumulated depreciation to date Expected future net cash flows Fair value $10,800,000 1,200,000 8,400,000 5,760,000 Oriole intends to dispose of the equipment in the coming year. It is expected that the cost of disposal will be $24,000. As of December 31, 2020, the equipment has a remaining useful life of 5 years. (a) 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 O 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 Loss on Impairment 3,840,000 Accumulated Depreciation Equipment 3,840,000 e Textbook and Media List of Accounts Save for Later Attempts: 1 of 3 used Submit