Presented below is information related to equipment owned by Suarez Company at December 31, 2020 Cost $9.000.000 1.000.000 Accumulated depreciation to date Expected future net cash flows 7,000,000 4.800.000 Fair value Assume that Suarez will continue to use this asset in the future. As of December 31, 2020, the equipment has a remaining uselulite of 4 years Your answer is partially correct Prepare the journal entry Cit any) to record the impairment of the asset at December 31, 2020. ro entry is more, select "No entry for the account titles and enter for the amounts. Credit account titles are automatically indented when amount is entered. De not indent manually) Debit Credit Date Account Titles and Explanation 1000000 Dec 31 Loss on Impairment 1000000 Recovery of Loss from Impairment