Presented below is information related to equipment owned by Whispering Company at December 31, 2020. $9,990,000 Cost Accumulated depreciation to date 1,110,000 Expected future net cash flows 7,770,000 Fair value 5,328,000 Assume that Whispering will continue to use this asset in the future. As of December 31, 2020, the equipment has a remaining useful life of 4 years. 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 0 for the amounts. Credit account ti tles are automatically indented when amount is entered. Do not indent manually.) Account Titles and Explanation Debit Credit Date Dec. 31 Prepare the journal entry 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.) Account Titles and Explanation Debit Credit eTextbook and Media List of Accounts The fair value of the equipment at December 31, 2021, is $5,661,000. Prepare the journal entry (if any) necessary to record this increase in fair value. (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.) Account Titles and Explanation Credit Date Debit Dec. 31