Question 11 of 11 -13 E View Policies Current Attempt in Progress Grouper Corporation uses special strapping equipment in its packaging business. The equipment was purchased in January 2019 for $8.60 million and had an estimated useful life of 8 years with no residual value. In early April 2020, a part costing $750,000 and designed to increase the machinery's efficiency was added. The machine's estimated useful life did not change with this addition. By December 31, 2020, new technology had been introduced that would speed up the obsolescence of Grouper's equipment. Grouper's controller estimates that expected undiscounted future net cash flows on the equipment would be $5.42 million, and that expected discounted future net cash flows on the equipment would be $4.99 million. Fair value of the equipment at December 31, 2020, was estimated to be $4.82 million. Grouper intends to continue using the equipment, but estimates that its remaining useful life is now four years. Grouper uses straight-line depreciation. Assume that Grouper is a private company that follows ASPE. (a) Prepare the journal entry to record asset impairment at December 31, 2020, if any. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and entero for the amounts. Round answers to 0 decimal places, e.g. 5,275.) Date Account Tities and Explanation Debit Credit December 31, 2020 e Textbook and Media