Presented below is information related to equipment owned by Swifty Company at December 31, 2020. Cost Accumulated depreciation to date Expected future net cash flows Fair value Swifty intends to dispose of the equipment in the coming year. It is expected that the cost of disposal will be $20,600. As of December 31, 2020, the equipment has a remaining useful life of 4 years. Your answer is partially correct. Prepare the journal entry (if anyl 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 Dec 31 Loss on Impairment eTextbook and Media List of Accounts Accumulated Depreciation-Equipment $9,270,000 1.030,000 7,210,000 4,944,000 6 Your answer is partially correct.. Account Titles and Explanation Depreciation Experise Accumulated Depreciation-Equipment eTextbook and Media Prepare the journal entry (if any) to record depreciation expense for 2021. (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.) List of Accounts Dec. 31 - Your answer is partially correct. Date Account Titles and Explanation No Entry No Entry Debit Debit 3.296.000 1,236,000 The asset was not sold by December 31, 2021. The fair value of the equipment on that date is $5,459,000. Prepare the journal entry (if any) necessary to record this increase in fair value. It is expected that the cost of disposal is still $20,600. (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.) Debit Credit Credit 0 3,296,000 1,236,000 Credit 0