Presented below is information related to equipment owned by Suarez Company at December 31, 2020. Cost Accumulated depreciation to date Expected future net cash flows Fair value $9,000,000 1,000,000 7,000,000 4,800,000 Suarez intends to dispose of the equipment in the coming year. It is expected that the cost of disposal will be $20,000. As of December 31, 2020, the equipment has a remaining useful life of 4 years. (a) Your answer is partially correct. Try again. 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 TLoss on Impairment Dec. 314 3200000 T RIIIIIIIIIIIIII Accumulated Depreciati 3200000