Presented below is information related to equipment owned by Windsor Company at December 31, 2020. Cost Accumulated depreciation to date Expected future net cash flows Fair value $9,720,000 1,080,000 7,560,000 5,184,000 Windsor intends to dispose of the equipment in the coming year. It is expected that the cost of disposal will be $21,600. As of December 31, 2020, the equipment has a remaining useful life of 5 years. - Your answer is partially currect. Prepare the journal entry (if anyl to record the impairment of the asset at December 31, 2020. (no entry is required, select No entry for the account Cities and enter for the amounts Creditoccount Cities are automatically indented when amount is entered. Do not inden manually! Date Account Titles and Explanation Debit Credit Dec 31 Loss on Impairment Amula D estion Equipment 3458000 List of Accounts - Your answer is partially correct Prepare the journal entry (if anyl to record depreciation expense for 2021. y no entry is required select 'No entry for the countles and enter for the amounts Crew excountles are automatically indented when amunt is entered Donatindent manual Account Titles and Explanation Credit Debit 591200 Depreciation Euperse Accumulated Depreciation Equipment 091200 List of Accounts - Your answaris partially correct The asset was not sold by December 31, 2021. The fair value of the equipment on that date is $5,721,000. Prepare the journal entry (if any) necessary to record this increase in fair value. It is expected that the cost of disposal is still $21800. (If no entry is required, select "No entry for the account ticles 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 No Entry No Entry