Question 1 of 6 Presented below is information related to equipment owned by Boston Company December 31, 2020 Cost $11.070.000 Accumulated depreciation to date 1.230.000 Expected future net cash flows 8.610.000 Fair value 5.POL.000 Assume that Blowom will continue to one this set in the future. As of December 31, 2020. the ment has a remaining setu life of 4 years Prepare the journal entry try to record the impairment of the set at December 31, 2020. ne entry is required, select "No enery for the account titles and enter for the amounts. Conditoccount desore stonetically indented when amount is entiert. De not indent manual Debit Credit Date Account Tities and Explanation Dec 31 eTextbook and Media List of Accounts Prepare the journal entry to record depreciation expense for 2021. Of no entry is required, select "Me entry for the account and enter for the amounts Credit account titles are automatically indented when amount is entered. Do not indent man Account Titles and Explanation Debit Credit e Textbook and Media List of Accounts The fair value of the equipment at December 31, 2021. is $6.273.000. Prepare the journal entry of a necessary to record this Increase in fair value of no entry sur select 'No entry for the account inden for the amounts Credit account titles are automatically indented when amount bientered Do not indien mand Debit Credit Date Account Titles and Explanation Dec 31