Presented below is information related to equipment owned by Vaughn Company at December 31, 2020. Cost (residual value $0) $8,936,000 Accumulated depreciation to date 1,003,000 Value-in-use 5,540,400 Fair value less cost of disposal 4,421.930 Assume that Vaughn will continue to use this asset in the future. As of December 31, 2020, the equipment has a remaining useful life of 8 years. Vaughn uses straight-line depreciation. 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 Accumulated Depreciation Equipment