Presented below is information related to equipment owned by Whispering Company at December 31, 2020. Cost Accumulated depreciation to date Expected future net cash flows Fair value $9.990,000 1,110,000 7,770,000 5,328,000 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 tities and enter O for the amounts. Credit account tities are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation Credit Dec. 31 e Textbook and Media List of Accounts 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 tities are automatically indented when amount is entered. Do not indent manually.) Account Titles and Explanation Debit Credit 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 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