Presented below is information related to equipment owned by Suarez Company at December 31, 2014. Cost $ 21,141,000 Accumulated depreciation to date 2,349,000 Expected future net cash flows 16,443,000 Fair value 11,275,200 Suarez intends to dispose of the equipment in the coming year. It is expected that the cost of disposal will be $ 46,980 . As of December 31, 2014, the equipment has a remaining useful life of 5 years. (a) Prepare the journal entry (if any) to record the impairment of the asset at December 31, 2014. (If no entry is required, select "No entry" for the account titles and enter 0 for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually.)